The global covid-19 pandemic has caused catastrophic economic fallout—resulting in significant hardships. At the very beginning of the crisis, the United States saw millions of people lose their jobs. As more research was conducted and safety measures were put into place, employment began to rebound within a few months; however, unemployment had still remained high throughout most of 2020.
While some businesses found themselves closing their doors permanently, others were able to push through the tough times and find innovative ways to keep their business afloat. Many North Texas entrepreneurs have stated that federal funding, such as the Paycheck Protection Program and Restaurant Revitalization Fund, was of vital assistance in keeping them open. The United States Small Business Administration has stated that the Restaurant Revitalization Fund has been instrumental in saving around 101,000 restaurants across the country; this includes over 2,000 in the Metroplex.
Federal Funding for Businesses
When congressman Colin Allred toured Lower Greenville with the Small Business Administration to assess the immediate needs of businesses, entrepreneurs explained that their current challenges are now with labor shortages and inflation since some costs have now more than tripled.
News reports have quoted the congressman as saying, “We know we’re still working through that and we want to continue supporting our restaurants and our small businesses, so we’re still going to be there for them, we’re not done with that effort,”
The SBA is also quoted stating that “The SBA has put out $34 billion in relief just in the Dallas-Fort Worth area. That sizable impact is made possible in the types of businesses we’ve been able to meet and has been made possible by the partnerships on the ground.
Many businesses have expressed that they are still stressed because even though the world is now two years into the pandemic, the recovery is still not entirely complete. The SBA responded by reminding businesses that there are still other lending programs that are available to assist small businesses to stay open and continue operations– encouraging entrepreneurs to reach out to them for financial aid.
Post-pandemic Job Recovery
Despite the gaps in recovery, Texas is currently one of only four states that have managed to recover the jobs that were lost during the pandemic. The state was able to improve the unemployment rate from 12.9% to 5%– indicating that they are well on their way to a full economic recovery.
Many large corporations have seen the promise in the Lone Star State’s economy and have either expanded or moved their operations to the region. Tesla, Samsung, and Oracle are a few of the brands to make the shift. However, it is not only large business entities that are benefiting from the state’s business-friendly environment– small businesses are choosing to open up in Texas so that they are able to benefit from the low taxation and legal benefits that are provided to businesses.
In fact, starting an LLC in Texas will provide entrepreneurs with a flexible business structure that still provides superior asset protection while still being easy enough to manage so that first-time business owners are not overwhelmed. Filing for registration is also relatively easy and can be done online by filing the Texas Certificate of Formation with the Secretary of State. For more information on starting an LLC in Texas, entrepreneurs are encouraged to read more information online on platforms such as TRUiC Startup Savant; this website provides more in-depth information.
With post-pandemic economic recovery well on its way in Texas, entrepreneurs have the ideal opportunity to make the most out of federal, state, and local resources. While the process does require hard work and determination, the business climate in the Lone Star State makes it the ideal spot for a startup to grow.