Small Business Resources
The United States Small Business Administration is working closely with the states when it comes to small businesses suffering substantial economic injury as a result of the virus. Please follow guidance from the state of Texas and the Small Business Administration when it comes to emergency loans and financial assistance.
More information is available here: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
■ The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
The U.S. Chamber of Commerce has built a great informational PDF that you can download here: https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf
The U.S. Senate Committee on Small Business & Entrepreneurship has also created a comprehensive CARES Act guide that can be downloaded here.
Small businesses and sole proprietorships can apply beginning on April 3rd. Starting April 10, 2020, independent contractors and self-employed individuals can apply. Read more from the U.S. Department of the Treasury: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
■ Texas small business can now apply for SBA Economic Injury Disaster Loans (EIDL) to help with the COVID-19 crisis.
What's an EIDL?
The SBA EIDL program can provide low-interest loans of up to $2M to businesses and private non-profits.
EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills.
The interest rate is 3.75% for small businesses without credit available elsewhere. The interest rate for non-profits is 2.75%.
EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on borrower's ability to repay.
How do I apply?
Online at SBA.gov/disaster
Need help? Call the SBA's Disaster Customer Service Center at 800-659-2955 or email email@example.com. Individuals who are deaf or hard-of-hearing can call 800-877-8339
■ Join the SBA Houston District Office as they provide the latest information from SBA to help small businesses with their economic recovery from the effects of the Coronavirus. They will give information on how to apply and where you can get additional help with preparing and applying for an SBA Economic Injury Disaster Loan. Sessions will allow for chat Q&A.
Live webinars presented on Wednesdays by the SBA's Dallas/Fort Worth District Office from material contained in the Business Guide found at https://www.sba.gov. The presenter is Linda Williams, SBA Economic Development Specialist at the Dallas/Fort Worth District Office.
Wednesday, April 1, 2020
North Texas foundations and United Ways have quickly come together to create North Texas Cares, a funder collaborative that will provide support for organizations that work with people and communities most negatively affected by COVID-19.
Nonprofit organizations that provide critical services to mitigate the short-term and long-term impact of the pandemic on the community may apply at NorthTexasCares.org.
This includes agencies who support individuals and families via food and/or healthcare; support for lost wages and/or housing costs; services for vulnerable populations such as seniors and/or those experiencing homelessness; as well as support for academic learning and distance learning for low-income, low-access students while schools are closed.