COVID-19 Business Resources
- U.S. Senate Committee on Small Business & Entrepreneurship: Guide to the CARES Act
- U. S. Small Business Administration (SBA):
- SBA Guidance for Businesses in Responding to COVID-19
- Coronavirus Relief Options- Funding Options
- Economic Injury Disaster Loan and Loan Advance The 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. The loan advance (up to $10,000) provides economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application, and this loan advance will not have to be repaid.
COVID-19 ECONOMIC INJURY DISASTER LOAN APPLICATION
(Webinar) SBA Houston District (CVODI-19) Update
- SBA Express Bridge Loan Pilot Program: This pilot program allows small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 with less paperwork. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct SBA Economic Injury Disaster loan. If a small business has an urgent need for cash while waiting for a decision and disbursement on an Economic Injury Disaster Loan, they may qualify for an SBA Express Disaster Bridge Loan.
- SBA Debt Relief: The SBA Debt Relief program will provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Under this program: the SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020; and the SBA will pay the principal and interest of current 7(a) loans for a period of six months.
- Paycheck Protection Program: The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The PPP will be available through June 30, 2020.
(Webinar) SBA Houston District (CVODI-19) Update
- SBA Texas District Offices:
- Dallas/Fort Worth District Office
- El Paso District Office
- Houston District Office
- Lower Rio Grande Valley District Office
- Lubbock District Office
- San Antonio District Office
*If applying for an EIDL loan, the SBA recommends using Internet Explorer or Microsoft Edge*
*Customer Service can be reached at 800.659.2955 or disastercustomerservice@sba.gov*
- Federal Reserve: Commercial Paper Funding Facility to support the flow of credit to households and businesses
IRS Payment Deadline Extended: Filing and Payment Deadline Extended to July 15
COVID-19-Related Tax Credits for Required Paid Leave Provided by Small and Midsize Businesses FAQs
- U.S. Department of Agriculture (USDA)
- Visit the USDA Rural Development website for a comprehensive list of resources available to assist rural residents, businesses and communities impacted by COVID-19.
- Beginning immediately, through July 31, 2020, USDA Business and Industry Loan Guarantees (B&I) and Rural Energy for America Program (REAP) Guaranteed lenders may assist borrowers experiencing temporary cash flow issues by deferring payments for a period no longer than 120 days. The lender must notify The Agency in writing of any payment deferments. Written notification to the Agency will meet the standard for concurrence until July 31, 2020. A response from the Agency is not required. This guidance applies to ALL borrowers that had a current repayment status as of March 1, 2020.
- Visit USDA’s website for program and service updates from the Farm Service Agency, Natural Resources Conservation Service, and Risk Management Agency.
- Office of the Governor (OOG): Visit the OOG website for a comprehensive list of resources and important COVID-19 updates.
- The OOG website also has a list of waivers issued by the Governor.
- Texas Music Office: Assistance Information and Resources For Music Industry Professionals Affected by COVID-19
- Texas Film Commission: COVID-19 Texas Updated Resources & Communication for Creatives
- Texas Workforce Commission (TWC): Visit the TWC website for resources available to employers and job seekers impacted by the COVID-19.
- Resources for Employers
- The Commissioner for Employers’ legal team is available Monday through Friday (8 a.m. to 5 p.m.) to answer employment law questions. Please contact them at 800-832-9394 or employerinfo@twc.state.tx.us.
- Shared Work Program
- Resources for Job Seekers
- If an individual’s employment has been affected by COVID-19 they may apply for benefits either online by using the Unemployment Benefits Services (UBS) or by calling TWC at 800.939.6631 from 8 a.m. to 6 p.m. Monday – Friday. UBS can be accessed at any time. For additional information, visit TWC’s website.
- For questions about unemployment of employment insurance call 800.832.2829 or email laborinfo@twc.state.tx.us
- Texas Comptroller (CPA): Visit the CPA website for tax-related information related to COVID-19.
- The agency is offering assistance in the form of short-term payment agreements, and in most instances, waivers of penalties and interest. To learn about options for remaining in compliance and avoiding interest and late fees on taxes due, contact the Enforcement Hotline at 800.252.8800.
- Texas Department of Insurance (TDI): Visit the TDI website for an overview of insurance-related questions related to COVID-19.
- Texas Department of Licensing & Regulation (TDLR): Visit the TDLR website for updates related to their programs.
- Texas Department of Agriculture (TDA): Visit the TDA website for an overview of information related to school meals, consumer protection, rural hospitals, weights and measures and licensing.
- The Texas Agricultural Finance Authority (TAFA) Agricultural Loan Guarantee Program provides financial assistance to establish or enhance farming or ranching operations or to establish an agricultural-related business. This program provides assistance in the form of a guarantee based on a tiered structure, not to exceed $500,000 or 80% of the loan. For additional information, please visit the TDA website.
- The Consumer Data Industry Association (CDIA) provided guidance to those directly or indirectly impacted.
- Community Development Financial Institutions (CDFIs) are an alternative source of finance for small businesses. For additional information, please visit with each organization:
- SBA Lender Match: Connects Small Business with Participating SBA-approved Lenders
- Small Business Development Centers (SBDCs) provide counseling to small businesses throughout Texas. For a list of resources to manage the impact and recovery, visit their website.
- Northwest Texas SBDC Small Business COVID Resources
- SCORE has chapters throughout Texas and provides in-person and virtual counseling and mentorship. They have also published resources and information to support small business, including:
- The U.S. Chamber of Commerce: Combating Coronavirus
- National Restaurant Association: Coronavirus Information and Resources
- National Retail Federation: Coronavirus Resources for Retailers
- NFIB: Small Business Resources in Response to Coronavirus
- Texas International Produce Association: COVID-19 Update
- Texas Woman’s University - AssitHer Emergency Relief Grant
- American Farmland Trust: Farmer Relief Fund
- Southern Smoke Emergency Relief Fund
- Communities Unlimited FAQs - Families First and CARES Act for Individuals, Small Businesses & Nonprofits