Helpful information and resources to help small businesses manage COVID-19.
Economic Injury Disaster Loan Emergency Advance
The SBA’s Economic Injury Disaster Loan provides vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing as a result of the COVID-19 pandemic.
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 COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries.
The Economic Injury Disaster Loan advance funds will be made available within days of a successful application, and this loan advance will not have to be repaid. To apply for the loan please click the link https://covid19relief.sba.gov
Paycheck Protection Program
The Paycheck Protection Program is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which consists of $349 billion in government-backed forgivable loans to help small businesses continue paying payroll costs and certain operating expenses.
Your firm may be eligible for up to $10 million to cover payroll and other employee benefits (PTO, insurance premiums, retirement, etc.). The loan may also be used to cover mortgage interest, rent, and utilities. Click the link to learn more about the PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf
SBA disaster assistance program
SBA disaster assistance loans for businesses in select states affected by the coronavirus became available on January 31, 2020. Other qualifying events include tornadoes, drought, and snowstorms. In addition, Congress passed the Coronavirus Preparedness and Response Supplemental Appropriations Act. The law added $20 million to the SBA disaster assistance program.
Businesses, renters, and homeowners located in regions affected by declared disasters can apply for SBA disaster assistance. Those interested can apply through the SBA’s three-step process:
- Check eligible disaster areas.
- Apply online if your business is eligible. https://www.sba.gov/funding-programs/disaster-assistance
- Check your application status.
The SBA aims to review applications and disburse funds to qualified businesses within three weeks of application submission. To apply, you’ll need to produce the following documents:
- Business loan application (SBA Form 5)
- IRS form 4506-T
- Your most recent federal income tax returns
- A personal financial statement (SBA form 413
Texas Comptroller Offers Relief
In response to the recent impacts of COVID-19, the Texas Workforce Commission (TWC) will be extending the due date for the First Quarter 2020 report filing and tax payment until May 15th, 2020.
This extension applies to ALL employers in accordance with the emergency declaration made by Governor Greg Abbott relating to the pandemic.
IRS Waives Failure-to-Deposit Penalties During Pandemic
Click the link to learn more https://www.irs.gov/pub/irs-drop/n-20-22.pdf
North Texas Entrepreneur Education and Training Center
Has access to additional resources and ways to cope with COVID-19 available specific to small business owners during this time.
Click the link to learn more nteetc.com/covid19