COVID-19 Resources for Businesses and Employees
Publication date: April 3, 2020. This page will be updated as information is received.
COVID-19 RESOURCES FOR BUSINESSES
COVID-19 RESOURCES FOR BUSINESSES
ECONOMIC INJURY DISASTER LOAN (EIDL)
ECONOMIC INJURY DISASTER LOAN (EIDL)
- About
- Economic Injury Disaster Loans are loans for working capital
- Who Administers These Loans
- Small Business Administration (SBA) - funds come directly from U.S. Treasury
- Who's Eligible
- Businesses directly or indirectly affected by the disaster (COVID-19) that were operating before January 31, 2020
- Some private nonprofit organizations
- Types of Businesses
- Including, but not limited to, Retailers, restaurants, hotels, owners of rental property, manufacturers, independent contractors, sole proprietors
- Who's Ineligible
- Agricultural businesses, religious organizations, charitable organizations, gambling concerns, casinos and racetracks
- Criteria for Loan Approval
- Credit history
- Ability to repay
- Eligibility
- Must have a (tangible and significant) physical location in a county declared a federal disaster area, not a P.O. Box)
- Suffered working capital losses due to the disaster rather than an economic downturn
- Amount Available and Interest Rates
- Up to $2 million at 3.75 percent for businesses and 2.75 percent for nonprofit organizations for terms of up to 30 years
- Eligible Expenses
- Fixed debts, accounts payable, payroll, as well as bills that could have been paid if not for the disaster
- Ineligible Expenses
- Lost sales, lost profits, expansion
- Does this loan require collateral?
- No, unless the loan is for more than $25,000.
- SBA does use real estate as collateral if it is available.
- Borrowers are required to pledge resources that are available, but SBA won't decline the loan due to lack of collateral.
- Is this loan forgivable?
- No
- How do I apply?
- No application costs.
- Apply online through SBA directly (not a bank) at https://covid19relief.sba.gov/#/.
- Or download a paper application at https://www.sba.gov/disaster/apply-for-disaster-loan/index.html if you don't feel comfortable submitting information online.
- If you choose this option, mail your application to the following address:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Rd.
Ft. Worth, TX 76155-2243
- Local Assistance with applications
East Texas Regional Development Company, Inc.
Certified Development Company
903-218-6400, ext. 6
903-983-1440
Texas SBDC ~ Dallas ~ North Texas Small Business
Small Business Development Center
(903) 757-5857
East Texas SCORE
SCORE Business Mentor
1530 S SW Loop 323, TJC West Campus Suite 101
(903) 510-2975
Dallas/Fort Worth SBA District Office
Phone: 817-684-5500
Fax: 817-684-5516
ECONOMIC INJURY DISASTER LOAN ADVANCE
ECONOMIC INJURY DISASTER LOAN ADVANCE
- About
- Economic Injury Disaster Loan Advances are loans for working capital
- Who Administers These Loans
- Small Business Administration (SBA) - funds come directly from U.S. Treasury
- Who's Eligible
- Businesses directly or indirectly affected by the disaster (COVID-19) that were operating before January 31, 2020
- Types of Businesses
- Including, but not limited to, Retailers, restaurants, hotels, owners of rental property, manufacturers
- Who's Ineligible
- Agricultural businesses, religious organizations, charitable organizations, gambling concerns, casinos and racetracks
- Amount Available
- Up to $10,000 and can be received within 3 to 5 days if the application is approved
- Can be approved
- Eligible Expenses
- Fixed debts, accounts payable, payroll, as well as bills that could have been paid if not for the disaster
- Is this loan forgivable?
- If 100% of funds are used on operating expenses
- How do I apply?
- Apply for an Economic Injury Disaster Loan online through SBA directly (not a bank) at https://covid19relief.sba.gov/#/.
- Select the option to apply for an advance.
PAYCHECK PROTECTION PROGRAM
PAYCHECK PROTECTION PROGRAM
- About
- Businesses with 500 or fewer employees (or fewer employees than the industry standard set by SBA), non-profit organizations, churches, sole proprietorships, self-employed individuals, independent contractors,
- Who Administers the Loan
- Any lender or bank participating in the SBA 7A program
- Who's Eligible
- For-profit businesses, nonprofit organizations, and churches open before January 31, 2020
- Amount Available and Interest Rates
- Up to $10 million at 1 percent
- Maturity of 2 years
- First payment is deferred for the first six months
- Loan s 100% guaranteed by SBA
- No collateral or personal guarantees need
- SBA assesses no borrower or lender fees, but the actual lender might
- Eligible Expenses
- Payroll and operating costs
- Is this loan forgivable?
- 75% is forgivable if spent on payroll costs
- The other 25% is forgivable if spent on approved operating costs
- How do I apply?
- Apply with the participating lender.
- You do not have to work with a specific lender.
- Each participating lender may have different requirements.
- Participating Lenders in the Area
- Henderson
- Bank of America
- Tatum
- Texas Bank
- Garrison
- Austin Bank
- Longview
- JP Morgan Chase
- Kilgore
- Regions Bank
- Gladewater
- Capital One
- Tyler
- Bank of America
- Prosperity Bank
- JPMorgan Chase
- Texas State Bank
- Altra Federal Credit Union
- Nacogdoches
- Texas Bank
- Regions Bank
- BankcorpSouth Bank
- Austin Bank
- First National Bank of Texas
- Shreveport
- JP Morgan Chase
- Capital One
- Regions Bank
- BankcorpSouth Bank
- b1 Bank
- Iberia Bank
- A N E C A Federal Credit Union
- Red River Bank
- Hibernia National Bank
- Henderson
SHARED WORK PROGRAM
SHARED WORK PROGRAM
- About
- This program is an alternative to layoffs for employers.
- Employees who participate in a Shared Work Plan are eligible to receive wages and unemployment benefits.
- Weekly work time cannot exceed 40 hours.
- Shared work employees must
- Accept all work offered by participating employer.
- Be able and available to work for the participating employer.
- Be eligible for unemployment benefits.
- Submit their unemployment claims.
- Who Administers this Program
- Texas Workforce Commission (TWC)
- Who's Eligible
- Employees whose weekly work hours have been reduced between 10 percent and 40 percent
- Amount Available
- Unemployment benefits are only for hours that have been reduced.
- How Do I Apply?
- Employers submit a shared work plan and report progress at: https://www.twc.texas.gov/businesses/employer-benefits-services
- Employees submit unemployment claims at: https://www.twc.texas.gov/jobseekers/applying-unemployment-benefits
- How do I get more information?
- https://www.twc.texas.gov/businesses/shared-work
- Email TWC's Shared Work Department at ui.sharedwork@twc.state.tx.us.
COVID-19 RESOURCES FOR EMPLOYEES
COVID-19 RESOURCES FOR EMPLOYEES
FILING UNEMPLOYMENT CLAIMS
FILING UNEMPLOYMENT CLAIMS
- About
- This program provides funding for employees that have been laid off.
- Who Administers this Program
- Texas Workforce Commission (TWC)
- Who's Eligible
- Employees who have been laid off
- How Do I Apply?
- Employees submit unemployment claims at: https://www.twc.texas.gov/jobseekers/applying-unemployment-benefits
- How do I get more information?
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Want support from ETX Innovation Center as you go through this process?