Small Business Administration Economic Injury Loan Program

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Small Business Administration Economic Injury Loan Program


UPDATE: March 23, 2020

  • The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
  • Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
  • SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance. Texas code is: TX-00544
  • Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities.
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
There is no FEMA Code applicable to this loan. Leave that area empty and proceed with the application process.

To apply for a SBA Loan, click here.


March 18, 2020
Please share your story of economic loss from the COVID-19 (coronavirus) with  the Small Business Administration as soon as possible.

In order for Texas businesses to become eligible for emergency, low-interest bridge loans from the SBA to help you pay immediate costs such as your mortgage and payroll, a business from each of Texas’ 254 counties needs to show the SBA it has been negatively affected by the COVID-19 (coronavirus).*
 
Here is what you can do to help: please email this Economic Injury Worksheet to: EM Rocky Vaz
 
Additional information from the U.S. Small Business Administration about Economic Injury Disaster Loans can be found here.
 
Sending in this form will not financially obligate your business in any way. When the declaration is granted for the SBA emergency loan program, applicants will receive information on how to apply for their loan.
 
Sharing your story is the next step in this very long process. These are unprecedented times for all of us - information, questions, and uncertainty will continue to remain in our day to day routine on the road ahead. Please don't hesitate to contact me with questions, concerns, and frustrations.

Courtesy of Letecia McNatt, Downtown Development Office, City of Garland

*It is all based on how many businesses submit a declaration. If there is not declaration, there will be no funds available for the county. Courtesy of Dallas Metropolitan SBDC

Find more small businesses resources on the Garland Chamber website!
Small Businesses Resources

Resources are updated daily. If you have information the Garland Chamber can add to the website, please contact Andrea Tamez.

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