Here’s How Small Business Owners Can Help Texas Qualify For Economic Disaster Loans
HOUSTON – As the coronavirus epidemic spreads, small business owners in Texas affected by the closures may qualify for loans in the event of an economic disaster.
The Small Business Administration has announced that businesses and private nonprofits affected by the pandemic can now qualify for EIDL. As of March 20, the various cities of the state can apply: Andrews, Cochran, Deaf Smith, El Paso, Gaines, Hartley, Loving, Oldham, Winkler, Yoakum.
The SBA’s Disaster Assistance Office coordinates with the state governor to submit the request for economic disaster loan assistance.
A statement will need to be made for an application to be available for Texas small businesses. The loan can offer up to $ 2 million in assistance and can provide economic support to small businesses to help them overcome the temporary loss of income.
Loans can be used to “pay off fixed debts, salaries, accounts payable and other bills that cannot be paid due to the impact of the disaster. The interest rate is 3.75% for small businesses. The interest rate for nonprofits 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 form IRS Form 4506-T give permission to the IRS to provide the SBA with your tax return information.
For more information, call SBA’s Disaster Assistance Customer Service Center at 1-800-659-2955 (TTY: 1-800-877-8339) or email catastrophecustomerservice @ sba .gov.
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