Resources for Business Owners Amid Corona Outbreak

SBA Loans

On March 17, 2020, Texas Governor Greg Abbott requested designation from the Small Business Administration (SBA) Economic Injury Disaster Declaration to access the Economic Injury Disaster Loan (EIDL) program for the entire state of Texas. This was a crucial step in making long-term, low-interest SBA loans available to qualifying businesses across the state.

To begin the loan application process: https://disasterloan.sba.gov/ela/

As you prepare to submit your application, the following financial/accounting data and information will most likely be required. You should have these documents ready to immediately upload into the SBA Disaster website as soon as it opens for the Coronavirus emergency relief for Central South Texas:

1. Written narrative statement justifying the nature and scope of economic injury and how/why nature of business was adversely impacted by the Coronavirus (one page/no more than two), such loss of revenues, cancelled contracts, interrupted supply chain, etc.

2. Current Accounts Payable and Accounts Receivable Aging as of date of filing for the loan

3. Three (3) years’ 1040 Federal Income Tax Returns for the business & owners

4. Three (3) years’ company FYE Income Statement and Balance Sheet and latest YTD Financial Statements (Company prepared)

5. Company and Owners’ Debt Schedule Tables [e.g., Lender, original loan amt., date, current balance, interest rate (F or V?), collateral, purpose of loan, guarantors, status (e.g., current or past due with explanation) per row in table]

6. Monthly (reasonably detailed) two (2) years cash flow projections

7. Three (3) years’ Monthly Sales History up to date of filing for loan

8. Current copies of owners’ credit reports from the three (3) credit bureaus with explanations for any negative reports

9. Owners’ Personal Financial Statements (SBA Form 413)

10. SBA Form of Personal History for each (10% or more) owner

Additional Information about Disaster Loans: https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf

0% Interest Loan Program

Through a partnership with LiftFund, the City of San Antonio helps make 0% interest loans available to qualifying local small, minority, and women-owned businesses. Loans range from $500 to $100,000 and can be used to help start-up or existing business.

To learn more: https://www.liftfund.com/loans/

Contingency Planning

Small businesses are also encouraged to create a contingency plan. The U.S. Chamber of Commerce Offers guidance online.

Small Business Guidance and Resources: www.sba.gov

For individuals looking for work

Unemployment Benefits

On 3/17/20, Texas Governor Greg Abbott instructed the Texas Workforce Commission to waive the waiting week, for Unemployment Benefits. In addition to waiving the waiting week, the Texas Workforce Commission is exercising its authority under the Governor’s declaration of a Statewide Disaster to waive Unemployment Insurance work search requirements effective immediately.

Those seeking to apply for Unemployment Benefits will need to submit an application.

You will need the following:

• Last employer's business name and address

• First and last dates (month, day and year) you worked for your last employer

• Number of hours worked and pay rate if you worked this week (including Sunday)

• Information related to your normal wage

• Alien Registration Number (if not a U.S. citizen or national)

Additional Services: https://www.workforcesolutionsalamo.org/


View Full Site