The TX Restaurant Association has started a relief fund. It is $5K per store for immediate needs and first come first served. For anyone seeking immediate help you visit: https://mailchi.mp/txrestaurant.org/txrestaurantrelieffund
Please submit your Economic Injury Worksheet to: TDEMPARecovery@tdem.texas.gov
Business Owners: We need your help!
The Small Business Administration (SBA) has designated COVID-19 as a qualifying event for the provision of Economic Injury Disaster Loans (EIDL) for businesses and private non-profits in affected communities. Texas is currently working with SBA to qualify for this declaration.
Small businesses, small agricultural cooperatives and some private nonprofit organizations that have suffered substantial economic injury due to COVID-19 may be eligible for an EIDL of up to $2 million, which will provide the necessary working capital to help businesses survive until normal operations resume after a disaster. EIDL assistance will only be available to small businesses when the SBA determines they are unable to obtain credit elsewhere.
In order for Texas to receive an SBA Economic Injury Disaster Declaration, the following must occur:
To improve the process by which the state and individual counties will be declared eligible, TDEM is reaching out to business organizations and individual businesses seeking Economic Injury Worksheet submissions. TDEM ask that your organization notify its members of the availability of the program and encourage the submission of an application to determine eligibility.
Your assistance in this effort is critical in order to facilitate the declaration and certification process. TDEM will continue reaching out to your organizations as this process moves forward, and will provide additional information on applying for EIDLs once the declaration has been approved.
Should you have any further questions, please contact your local emergency management office or email the TDEMPARecovery@tdem.texas.gov.
Additional information about Economic Injury Disaster Loans -Click Here
Please submit your Economic Injury Worksheet to: TDEMPARecovery@tdem.texas.gov.
When the declaration is granted for the SBA EIDL program, applicants will receive information on how to apply for their loan.
SBA Economic Injury Loan Program Declaration Process Overview
We recognize the seriousness of the COVID-19 virus and the impact that it will have on our community. Emergency measures - while critical to slowing the spread of COVID-19 - are already having an economic impact on individuals, businesses, and communities and these impacts likely will be felt for months to come. The City understand that our local employers are vital to our community’s economy and is committed to facilitating communications and support from state and local resources during this time. Below are some local resources that can provide assistance during this disruption.
Additional federal and state government resources may be available in the future – as these resources become available, we will update this information.
CDC: Interim Guidance for Businesses and Employers
The Centers for Disease Control and Prevention has released an interim guide to assist businesses and employers plan, prepare and respond to Coronavirus Disease. The CDC will update this interim guidance as needed and as additional information becomes available.
Small Business Association Disaster Assistance Loans
The U.S. Small Business Administration (SBA) is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as the result of COVID-19.
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan (EIDL) program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Texas is currently working with the Texas Department of Emergency Management (TDEM) and the SBA to qualify for this declaration. Assistance will only be available to small businesses when the SBA determines they are unable to obtain credit elsewhere. When the declaration is granted for the SBA EIDL program, applicants will receive information on how to apply for their loan.
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.
Additional information can be found on the COVID -19 Small Business Guidance and Loan Resources Page on the SBA’s website.
Like all states, the process for these loans within the State of Texas is still being developed.