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Governor Abbott Requests Emergency Designation For Small Business Disaster Loans From U.S. Small Business Administration

Author: 
Ellen Timian

 

 

For Immediate Distribution | March 17, 2020 | (512) 463-1826

 

Governor Abbott Requests Emergency Designation For Small Business Disaster Loans From U.S. Small Business Administration

AUSTIN - Governor Greg Abbott today requested designation from the Small Business Administration (SBA) Economic Injury Disaster Declaration in order to access the Economic Injury Disaster Loan (EIDL) program for the entire state of Texas. If granted, the SBA would provide long-term, low-interest loans to qualifying businesses across the state. 

 

“At a time when small businesses are hurting from the economic impact of COVID-19, the State of Texas is committed to helping these businesses receive the financial relief they need to continue operating,” said Governor Abbott. “That is why today I requested that the U.S. Small Business Administration implement a declaration to provide SBA Economic Injury Disaster Loans for the entire state of Texas.”

 

All small businesses who believe they may be eligible for an SBA EIDL should visit the Texas Division of Emergency Management (TDEM) website: https://tdem.texas.gov/covid-19/. They will be directed to the SBA website where they can apply for assistance.  

 

 

 
 

SBA disaster loans

This is the link where loan apps will be submitted. https://www.sba.gov/funding-programs/disaster-assistance

Businesses must be creditworthy (they can't have been failing before COVID) and provide financial proof of that. The best way is financial statements. If they do not have financial statements, the SBDC will be able to assist remotely so long as the business owner has record of revenue and expenses.