The U.S. Small Business Administration (SBA) is offering federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
The Office of Governor Greg Abbott has received confirmation that an emergency declaration from the SBA has been approved so that businesses statewide will be eligible for disaster loan assistance.
With COVID-19 identified as a qualifying event, Economic Injury Disaster Loans (EIDL) will be made available for businesses, franchisees, small agricultural coops, and some private non-profits throughout the state who have suffered substantial economic injury due to COVID-19.
Unlike normal SBA 7a loans, these are directly through the SBA. EIDLs will be up to $2 million to provide the necessary working capital to help businesses overcome the temporary loss of revenue until normal operations resume.
These loans may be used to pay fixed debts, payroll, rent or lease payments, accounts payable and other bills that can't be paid because of the disaster's impact.
You can apply for an EIDL at www.sba.gov/funding-programs/disaster-assistance. Online is the fastest way to apply and learn about your business' eligibility.
Before applying, you must first register with the Federal Emergency Management Agency (FEMA). To obtain a FEMA registration number, call FEMA at 1-800-621-3362 or visit www.DisasterAssistance.gov.
For questions, please contact the SBA Disaster Assistance customer service center at 1-800-659-2955 or email email@example.com.