The Economic Injury Disaster Loan (EIDL) program provides working capital to small businesses and some private non-profits suffering substantial economic injury as a result of the Coronavirus (COVID-19). Texas businesses are eligible to apply starting March 20, 2020.
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.
The application for borrowers can be found HERE
YOU MUST APPLY DIRECTLY WITH THE SBA.
For additional information, CLICK HERE
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 grant of up to $10,000.
This grant 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 grant will not have to be repaid.
Apply for the grant HERE