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small business recovery for Texas small business owners

COVID-19 Disaster Relief: A Resource Guide for Small Business Recovery in Texas

The Coronavirus (COVID-19) pandemic is sweeping through the United States. It’s claiming lives and forcing us into an economic recession. Because businesses have to responsibly follow stay home orders, many have temporarily closed their doors. We’ve put together this resource page for small business recovery information to help Texas businesses survive and fight back from this unprecedented halt in operations.

Many Texans are asking:
– Is the SBA still giving small business loans?
– How do I recover a business after Coronavirus?
– Do I qualify for hardship loans?
– Is there a one stop shop for Texas small business recovery information?

Our goal is to make it easy for you to access the information you need. If you’re one of many searching for a disaster recovery plan for your small business in Texas, bookmark this guide. It’s complete with direct links to downloadable resources and the most current information on small business recovery to date.

Small Business Recovery Assistance from the Public Sector

FEMA Disaster Relief Fund

FEMA acknowledges the devastating impact the COVID-19 pandemic has on small businesses. But, they are not offering direct assistance to businesses now. They have partnered with the Small Business Administration (SBA) in their efforts to assist with small business recovery.

Small Business Recovery Help from the SBA

The SBA is committed to helping small businesses survive and recover from this federally-declared disaster. They currently offer two types of assistance:

  1. 1. Traditional SBA Funding Programs
  2. 2. Temporary Programs

Traditional SBA Funding Programs

Qualifying businesses may still apply for Low Interest Disaster Loans for Economic Injury through the SBA. Some Texas businesses are still recovering from other recent events that hurt their businesses. That assistance is still available. If your Texas small business was also impacted by the following events, you are eligible to apply for traditional SBA disaster loans:

Temporary Programs Under the CARES Act

The President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law on March 27, 2020 in response to the U.S. Coronavirus outbreak. This earmarked $376 billion to provide small business recovery help. It also seeks to keep workers employed throughout this crisis. The temporary programs listed below provide aid to small business owners under the CARES Act.

Paycheck Protection Program

Who qualifies?

  • -Small businesses that maintain payroll throughout the COVID-19 stay home period

What will it offer to help my small business recover?

  • -The SBA will grant loans up to 2.5x your businesses average monthly payroll expenses
  • -Approved loan amounts will be up to $10 million
  • -Loans will in most cases be 100% forgiven

Download the Coronavirus Emergency Loans Small Business Guide and Checklist from the U.S. Chamber of Commerce for complete information about the Paycheck Protection Program. They will give you details to determine your eligibility, help you gain loan approval, and a breakdown of how much you can borrow.

If you’ve closed your doors, there’s still a way to stay connected with your customers! Learn how to use email marketing and download our free email templates to help you stay in touch with the other people who will help your small business recover.

Economic Injury Disaster Loan (EIDL)

Who qualifies?

  • -Small businesses with less than 500 employees and temporary loss of revenue due to the Coronavirus

What will it offer to help my small business recover?

  • -Emergency advance of funds
  • -The SBA will grant up to $10,000 in disaster relief funds
  • -Funds are available within days of successfully completing the application
  • -The SBA will not require you to repay

 

To apply and get more details on eligibility, click here.

SBA Express Bridge Loans

Who qualifies?

  • -Small businesses that already work with an SBA Express Lender
  • -Small businesses waiting on approval for EIDL

What will it offer to help my small business recover?

  • -Up to $25,000 with FAST approval and funds disbursement
  • -Money is granted to help your small business recovery efforts while awaiting EIDL approval
  • -The bridge loan will be repaid by EIDL loan proceeds, not out of pocket

 

For more information, download the Express Bridge Loan Pilot Program Guide from the SBA Office of Capital Access.

SBA Debt Relief

Who qualifies?

  • -Small businesses that already make SBA disaster loan payments
  • -Small businesses approved for a SBA disaster loan before September 27, 2020

What will it offer to help my small business recover?

  • -The SBA will pay your principal, interest and fees on 7(a), 504 and microloans for 6 months

Important information for Texas small businesses with current SBA disaster loans

In 2017, Hurricane Harvey damaged many small businesses in Texas. If the SBA already granted a disaster loan to your business and it was in “regular servicing” status on March 1, 2020, the SBA is automatically deferring payment until December 31, 2020. It is important to note that interest will continue to accrue and you must contact your local office to cancel pre authorized debit payments.

Texas Small Business Owner’s Local Office:

El Paso Disaster Loan Servicing Center

Phone: (800) 487-6014

Email: elpasodlsc@sba.gov

State Resources for Small Business Recovery in Texas During COVID-19

Texas Comptroller

The Texas Comptroller’s office is aware that many small businesses in Texas are having a hard time paying their February 2020 sales taxes due to statewide stay home orders. To help impacted business, the office is offering short term payment agreements and waiving penalties and interest. The Comptroller’s office encourages all businesses that need this type of disaster assistance to contact their Enforcement Hotline at 800-252-8880. Click here for the most current information from the Texas Comptroller.

Texas Workforce Commission (TWC)

If you’re a small business owner in Texas with questions about unemployment for your employees, the TWC is your go-to source for comprehensive information. It also important information about your responsibilities regarding unemployment. The commission has established a Rapid Response Team to help employers and employees with unemployment claims and reemployment services. If the COVID-19 pandemic forced you to furlough your employees, the TWC has waived the one week waiting period to help Texas receive benefits as quickly as possible. If you need more information for your Texas small business, access the Coronavirus Information & Resources For Texas Employers – Office of the Commissioner Representing Employers.

Small Business Recovery Assistance from the Private Sector

Large businesses and nonprofit organizations are stepping forward to help small business recovery efforts. The resources below will help give you more information on how you can get private help besides government disaster assistance.

Texas Chambers of Commerce

There are 510 chambers of commerce in Texas. Use this free directory to find your local chamber. Your chamber will be able to guide you to local resources in your county or township. Should your local chamber leave you needing a bit more information, take a look at the Greater Houston Partnership in Harris County. Their COVID-19 resources page contains strategies, tools and up to date information that can be used for small business recovery throughout the state of Texas.

LiftFund

The LiftFund is a 501(c)(3) organization that provides small business lending for people who are not able to access capital from traditional loan institutions. In response to the harmful impact the Coronavirus pandemic is having on small businesses in Texas, they are offering COVID-19 loans. These loans are designed specifically to help efforts toward small business recovery in Texas. Eligible small businesses in Bexar and El Paso Counties may receive disaster relief loans up to $25,000. Small businesses in other areas may receive up to $50,000 and payment deferment for 120 days. Visit the LiftFund online for more information.

Google

Google has allocated $800 million in ads and loans to help small business recovery efforts around the world. Businesses who have kept active Google accounts over this past year will share access to $340 million in ad credits. Learn more on Google’s blog.

Facebook

Facebook for business is giving $100 million in cash grants and ad credits to small businesses. Through their Small Business Grant Program, they aim to help small business recovery by providing funds to: pay your employees, cover your rent, stay connected with customers and continue to operate. Facebook has announced United States grant program locations. Find out if your business qualifies for assistance directly from Facebook.

Nav

Nav is a Utah-based company that helps small businesses gain access to financing. They’ve announced a social media small business grant contest on Facebook, Instagram and LinkedIn with three cash prizes up to $10,000. The contest is open for submissions until May 30. Nav walks you through how to qualify and gives you access to an CARES Act SBA loan calculator.

Staying Connected with Your Customers in Times of Crisis

Times are hard, but there are still ways to keep your business going, even with a closed sign on the door. MSDS Entrepreneurs has resources to teach you how to:

Generate High Quality Leads on a Limited Budget
Get Started with Email Marketing in 5 Easy Steps
And Write a Blog that Converts Readers into Leads using 10 effective tips

There is hope for your small business to recover here in Texas and beyond. We can help you maintain your business’s marketing strategy during this time, take a look at our services. .


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