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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.
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.
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.
The SBA is committed to helping small businesses survive and recover from this federally-declared disaster. They currently offer two types of assistance:
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:
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.
What will it offer to help my small business recover?
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.
To apply and get more details on eligibility, click here.
For more information, download the Express Bridge Loan Pilot Program Guide from the SBA Office of Capital Access.
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: [email protected]
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.
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.
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.
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.
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 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 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 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.
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:
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