Economic Injury Disaster Advance Loan From SBA

 

In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan advance of up to $10,000.

This advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. This loan advance will not have to be repaid.

Find more info and the link to apply for the Loan Advance on the SBA Website.

Paycheck Protection Program (PPP) from SBA

 

Program Overview
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. The Paycheck Protection Program will be available through June 30, 2020.

Who Can Apply
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

More information for borrowers can be found here.

The application form can be found here.

You can view the full SBA page on this program here.

April 13, 2020

Governor Greg Abbott today announced that Goldman Sachs and the LiftFund, along with other community development financial institutions (CDFIs), are partnering to provide $50 million in loans to small businesses in Texas that have been affected by COVID-19 as part of the Goldman Sachs 10,000 Small Businesses program. These loans, made through the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP), will primarily be used for payroll so that employees can continue to receive paychecks and small businesses can retain their employees and will be partially or wholly forgiven. 

Goldman Sachs will provide the capital as part of its $550 million commitment to COVID-19 relief, and LiftFund, alongside other CDFIs, will administer the funding to qualified small businesses. If all stipulations are met, small business can have their loans forgiven in full by the SBA. If a business owner has not yet applied for a PPP Loan they can do so find more information about the program on the LiftFund website.

Harris County COVID-19 Forgivable Loan Program

 

In partnership with the Houston-Galveston Area Council, Harris County has established a $10 million-backed loan program to help area small businesses economically impacted by COVID-19 stay open and meet necessary operating expenses. These zero-interest loans are up to $25,000 each with a five-year term and a loan forgiveness component.

For more information and to apply for this loan harriscountyloan.com

Please note as of 5:40pm on April 10 due to an overwhelming number of applications received, the County has paused the acceptance of new applicants indefinitely.

Business Assistance For Impacts Of COVID-19

 

Due to the assistance afforded to local businesses in the PPP and Economic Injury Disaster Advance the city is not currently planning on offering a program in addition to those at this time. However, the city will continue to review and evaluate the situation as we continue through it.

If you have interested in a potential business assistance loan from the City, if one is offered, please fill out the form below. 

Resources on the CARES Act

 

On Friday, March 27, 2020 the President signed into law the  Coronavirus Aid, Relief, and Economic Security (CARES) Act. This Act has a lot of helpful programs for small businesses. 

The Small Business Owner’s Guide to the CARES Act produced by the US Senate Committee on Small Business and Entrepreneurship is a great starting resource to learn more about the Act.

The Small Business Administration has a page with great resources and links to apply for SBA Loans. 

Free Webinars from the SBA Houston District Office

Join the SBA Houston District Office as we provide the latest information from SBA to help small businesses with their economic recovery from the effects of the Coronavirus. We will give information on how to apply and where you can get additional help with preparing and applying for an SBA Economic Injury Disaster Loan.

The information presented on all calls will be the same.
Please join at the date and time best for you.
*CLICK ON LINKS BELOW OR CUT & PASTE INTO BROWSER

Daily Webinars | March 23rd-27th
9am
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Meeting ID: 401 014 156
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11am - (Spanish/Español)
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Meeting ID: 953 359 546
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Meeting ID: 953 359 546
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1pm
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Meeting ID: 358 760 584
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3pm
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Meeting ID: 293 099 534