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Texas small businesses can now apply for SBA Economic Injury Disaster Loans (EIDL) to help with the COVID-19 crisis. These are targeted, low-interest loans of up to $2 million to small businesses (3.75% interest rate, fixed) and non-profits (2.75%) that have been severely impacted by the Coronavirus. There is no payment for the first 12-months.
The diagram also shows PPP (Payroll Protection Plan), a grant to protect your payroll from layoffs. This program will be managed under SBA 7a and the money will be disbursed through the banks and other lenders who participate in Government Guaranteed Lending.
Download more information: English (updated 3/30) Spanish (updated 3/24)
- For EIDL loans go to Disasterloan.sba.gov/ela For information, call 800-659-2955.
- Submit only two forms:
1. Loan application: SBA Form 5 (Form 5C for Sole Proprietor)
2. Supporting documents: SBA Form P-109
- You may be asked for the following information:
Release of income taxes - completed IRS Form 4506-Ts; Personal Financial Statements (SBA Form 413D); Schedule of Liabilities (SBA Form 202); Monthly sales figures (SBA Form 1368); Up to two (2) years complete business tax returns with all schedules; A current year-to-date profit-and-loss statement
- Don't worry about Credit Elsewhere. SBA will test your financials to see if you have the resources (personal or bank loan) to weather the storm. However, If you have tried to borrow and were turned down, share that information in the application.
- Attend SBA's informational webinars and ask questions. We will announce webinars in Spanish soon.
- Attend SCORE webinar on how to fill out the EIDL loan documents
While waiting for the SBA loan, we suggest you do the following to conserve CASH:
* Contact banks for a bridge loan to cover immediate needs
* Contact lessors of property to postpone payment for a couple of months
* Contact suppliers to see if they are willing to delay payments
* Download this useful toolkit from U.S. Chamber of Commerce
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