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

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?

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

3800 Stone Road,

Kilgore, TX 75662

903-218-6400, ext. 6

903-983-1440


Texas SBDC ~ Dallas ~ North Texas Small Business

Small Business Development Center

911 NW Loop 281,

Longview, TX 75604

(903) 757-5857


East Texas SCORE

SCORE Business Mentor

1530 S SW Loop 323, TJC West Campus Suite 101

Tyler, TX 75701

(903) 510-2975

Visit website

easttexscore@yahoo.com


Dallas/Fort Worth SBA District Office

150 Westpark Way Suite 130

Euless, TX

Phone: 817-684-5500

Fax: 817-684-5516

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

  • 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

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?
  • How do I get more information?

COVID-19 RESOURCES FOR EMPLOYEES

FILING UNEMPLOYMENT CLAIMS

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