HOUSTON, Texas -- The global pandemic has wreaked havoc on local small businesses; many have struggled without savings, credit, and capital to continue on during the downturn. For some immediate relief, Harris County and the Houston-Galveston Area Council (HGAC) offered some 444 area small businesses interest-free loans of up to $25,000 earlier this year.
The loans would be forgiven in five years, per the initial Harris County COVID-19 Forgivable Loan Program agreement.
Now, in some feel-good, holiday news, the loans have been converted into grants, thanks to federal CARES Act funding received by the county, according to a statement by Harris County and Houston-Galveston Area Council.
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Harris County forgives hundreds of small business loans for struggling locals