SBA Disaster Loan Update:
Governor Abbott Announces Approval Of Emergency Designation For Small Business Disaster Loans From U.S. Small Business Administration
On March 17, 2020, Governor Greg Abbott requested the Economic Injury Disaster Declaration for all Texas counties through the U.S. Small Business Administration (SBA). Today, Governor Abbott announced that the SBA has now granted Texas’ Economic Injury Disaster Loan (EIDL) assistance declaration, making loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
Next Steps: Small businesses who believe they may be eligible for an SBA EIDL should visit the SBA’s website where they can directly apply for assistance. The online application is the fastest method to receive a decision about loan eligibility.
For additional information on Texas business-related COVID-19 resources, including a list of required documentation for the SBA Loan process, visit gov.texas.gov/business/page/coronavirus.
We know this is a difficult time for all Texans. Please don’t hesitate to contact our office if we can provide any additional information.
Stay safe, keep healthy and continue to check in with us as we provide the latest updates and resources.
"The overriding message of this time in history is that we are all in this together," said Governor Abbott. "From people responsibly remaining at home to protect themselves and their communities to the small businesses adapting to serve them, Texans are showing their willingness to serve the greater good and that’s why we’ll overcome this together. That’s what Texans do. We are not only Texas Strong, we are #TexasBizStrong."
The SBA recommends prospective applicants Start Now to assemble their documents required for the loan app, thus getting a head start on “step two” in the loan review process.
Below is the list of ten documents prospect applicants should assemble and scan to prepare for uploading them into the EIDL website, in addition to forms required by SBA.
- Corporate governance documents; e.g., Articles of Incorporation, Articles of Organization (for LLC), or Registration of Sole Proprietorship
- Written statement justifying the nature and scope of economic injury and how/why nature of business was adversely impacted by the Coronavirus (one page/no more than two), such as loss of revenues, cancelled contracts, interrupted supply chain, etc., that resulted in economic injury
- Current Accounts Payable and Accounts Receivable Aging as of date of filing for the loan
- Three (3) years’ 1040 Federal Income Tax Returns for the business & owners
- Three (3) years’ company FYE Income Statement and Balance Sheet and latest YTD Financial Statements (Company prepared is acceptable)
- Company and Owners’ Debt Schedule Tables [e.g., Lender, original loan amt., date, current balance, interest rate, collateral, purpose of loan, guarantors, status (e.g., current or past due with explanation) per row in table]
- Monthly two (2) years’ cash flow projections
- Three (3) years’ Monthly Sales History up to date of filing for loan
- Current copies of owners’ credit reports from the three (3) credit bureaus with explanations for any negative reports
- Required SBA Forms:
- IRS Form 4506-T
- Personal Financial Statement (SBA Form 413)
- Schedule of Liabilities & Fixed Assets (SBA Form 2202)
- Monthly Sales (SBA Form 1368)
- Home Loan (SBA Form 5c), if applicable
All forms and further details are available on the SBA Disaster Loan website sba.gov/disaster. Click on the Coronavirus link at the top of the page.
Unemployment Assistance for Texas Workers
If your employment has been affected by COVID-19, the Texas Workforce Commission (TWC) encourages you to apply for benefits by utilizing the online claim portal, or by calling the Tele-Center at 800-939-6631 from 8 a.m. to 6 p.m., Central Standard Time, Monday through Friday.
TWC may be experiencing increased call volumes and hold times on Tele-Center phone lines. You are encouraged to use the online claim portal, Unemployment Benefits Services (UBS), to handle your claim needs quickly. UBS is available 24 hours a day, seven days a week. You may also sign up for electronic correspondence so you can receive TWC communications online as soon as possible.
TWC will investigate why you lost your job and mail a decision explaining whether you are eligible for unemployment benefits.
For additional information and resources for job seekers, visit TWC's webpage: twc.texas.gov/news/covid-19-resources-job-seekers
Frequently Asked Questions (FAQs) Relating to COVID-19
for Texas Businesses and Community Economic Development Partners
Our parent agency, the Economic Development & Tourism Division, has created an FAQ for businesses affected by COVID-19 mitigation.
Download the FAQ
Assistance Information and Resources For Music Industry Professionals Affected by COVID-19
The Texas Music Office has compiled a list of emergency grants and loans for Texas music business professionals affected by COVID-19 mitigation.
View the complete list on the TMO website here. Two of the more than 10 emergency grants include:
Austin Creative Arts Alliance's Artists Emergency Relief Fund
As part of our response to the COVID-19 pandemic, ACA has established The Artists Emergency Relief Fund to help artists in Greater Austin maintain their personal and financial stability in these uncertain times.
Artists may apply for up to $500 to replace verifiable lost income due to the cancellation of a specific, scheduled gig or opportunity (i.e. commissions, performances, contracts) due to COVID-19 precautionary measures. Applications are reviewed on an ongoing basis, and are subject to approval and available funds. Priority will be given to ACA members, and to applicants facing food or housing insecurity. ACA is reviewing applications daily, so that funds can be in artists’ hands as quickly as possible.
Apply or Donate Here
MusiCares Grants of Up To $1,000 For Music Industry Professionals
Music industry professionals may apply for basic living assistance (rent or mortgage). Initial grant requests can be made up to $1000 to compensate for cancelled work that was scheduled and lost. Should we receive additional funding, we will evaluate the grant amounts available. All items below must be included in your request:
- A completed MusiCares application
- Proof of cancellations and bookings
- Copy of your lease agreement or mortgage statement which includes account numbers, vendor address and your name on the lease or statement
Please note: Texas-based applicants may use the South or West application. Incomplete applications will not be reviewed and requests will be processed in the order in which received. It could take up to two weeks to process a completed application.
Apply Here
View Complete List of Grants & Loans
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