HOUSTON – As the coronavirus epidemic extends, Texas small business owners impacted by the closures can qualify for Economic Injury Disaster Loans.
The Small Business Administration announced businesses and private non-profits impacted by the pandemic can now qualify for the EIDL. As of March 20, these are the several cities in the state that can apply: Andrews, Cochran, Deaf Smith, El Paso, Gaines, Hartley, Loving, Oldham, Winkler, Yoakum.
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SBA’s Office of Disaster Assistance is coordinating with the state’s governor to submit the request for Economic Injury Disaster Loan assistance.
A declaration will have to be made for an application to be available for small businesses in Texas to apply. The loan can offer up to $2 million in assistance and can provide economic support to small businesses to help overcome the temporary loss of revenue.
The loans can 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. The interest rate for non-profits is 2.75%,” according to https://disasterloan.sba.gov/.
Here’s how to apply if your business is located in an affected area:
- You must submit the completed loan application and a signed and dated IRS Form 4506-T giving permission for the IRS to provide SBA your tax return information.
- For more information, call the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov.