Small Business, Sole Proprietor: Help Yourself and Our Community by Taking Advantage of the Resources Available

By Timothy Holtkamp, McLennan Small Business Development Center

Update: 4/17/20 both the PPP and EIDL programs are currently closed to new applications. However I fully expect these programs to reopen, and when they do it will be critical that you are prepared to respond extremely quickly when they do. Contact me for help preparing, Tholtkamp@mclennan.edu

Wow, is it just me or does it seem like we have crammed 10 years of concern, change and toilet paper purchasing into the last 2 weeks?

The next few weeks are critical to set the stage for the economic recovery of Waco. It is imperative that everyone do their part to get the word out about the resources that are available.

So, let me explain who should apply for these resources. People who own rental properties (even just one), Hair stylists, Nail techs, handy men or women, churches (just opened up this week), Non-profits, car dealers, insurance agents, Real Estate agents, Uber or Lyft drivers, event planners, photographers, personal trainers, lawn care, anybody that gets paid with a 1099 or files a schedule C on their tax return even if they have a regular job as well.

The reason it is critical that everyone that can, apply for these resources and take advantage of the free ones for certain and seriously consider the loans is because we need to prime the economy to get it moving.

If you plan on sitting back and waiting to see what other people are going to do before you go out and spend your money then start looking at life in the 1930’s because that’s what life is going to look like.

I understand if you feel like you are taking advantage of a social net put in place to help people who are down on their luck. However, that is not what this is at all.

Think 2008 – the banks were too big to fail or the whole of western civilization would come crashing down! The difference today is that instead of a few banks its tens of thousands of small businesses all across the country.

I’m sure some of you reading this are skeptical and think I am being dramatic. I assure you I am not. Unfortunately you will begin to see the breakdown of society in several countries shortly, that just a month ago were great places to live.

That could happen in the United States, but we can avoid it if enough people access the resources available, I feel we can stave off a collapse of society. I’m optimistic that a major depression can be avoided as well. However, some rough economic times are coming. Supply chains are being reworked and manufacturing shifted back to North America, but all that takes time and money, and some cities and counties will be winners and some will be losers.

Just like in college football, money helps you win. My goal is to get every person that is eligible to apply for the SBA EIDl loan to do so. If that happened with the number of people in Waco/McLennan County that have side hustles, and the $1,000 per employee Grant (you count as 1 employee) for just applying, our community could come out of this ordeal in good shape. That’s my goal.

The Small Business Association Economic Injury Disaster Loan (SBA EIDL) program includes an up to $10,000 grant if you are approved for the loan or turned down for the loan or if you are approved and decide not to take the loan. They are selling it as if you get $1000 minimum for just filling out the application. There may be some exclusions, but it only takes 15 min to fill out so do your civic duty and try. (You can pause Tiger King.) I have attached a YouTube video link where I go thru the application line by line showing you how to fill it out. However, if you have any trouble, call or shoot me an email. I have listed both my phone and email as well as the phone number & email to SBA to check the status of your application.

You can also apply at your local bank for the Paycheck Protection Program (PPP) forgivable loan.  This loan is possible if you are self-employed. If you follow its guidelines, it’s completely forgivable. It’s worth checking out. If your bank does not do the PPP send me an email and I can help find you one that does. Call me if you have questions about it as well. 


How to fill out the application for an SBA EIDL loan


Contact Information

Tim Holtkamp:  254-299-8157 –  Tholtkamp@mclennan.edu

SBA Customer Service Line:  1-800-659-2955 –  DisasterCustomerService@sba.gov

Link to the Application: https://covid19relief.sba.gov

For more YouTube videos, Subscribe to the Texas Business Podcast.


Tim Holtkamp has been a Business Advisor with the McLennan Small Business Development Center for 7 years and is the President of Holtkamp Hill LLC, a private equity company that invests mainly in Real Estate, Agriculture, & Energy. 

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1 Comment

  1. Marilyn Banks (Marilyn’s Gift Gallery) on April 17, 2020 at 9:27 am

    I would like to apply.

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