SBA Guidance & Assistance for Small Businesses

SBA & SBDC COVID-19 Business Resources
As of April 2, 2020



SBA Guidance & Assistance for Small Businesses


The Small Business Administration (SBA) has posted information regarding loan programs and guidance for businesses at:
https://www.sba.gov/page/guidance-businesses-employers-plan-respond-coronavirus-disease-2019-covid-19

Economic Injury Disaster Loans (EIDLs)

The entire country has been declared a COVID-19 disaster.  You may now apply for an Economic Injury Disaster Loan (EIDL) directly from the SBA. Banks will not be involved in these loans.

To apply go to https://covid19relief.sba.gov/#/


They can also contact toll Free 1-800-659-2955/ TTY: 1-800-877-8339 or send an email to disastercustomerservice@sba.gov.

Paycheck Protection Program (PPP) Loans 

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses who maintain their payroll during this emergency.  Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.

 

These loans are available through banks only.  Contact your local bank for additional details or use this link to find lenders who can offer the PPP loans in your area: https://www.sba.gov/paycheckprotection/find 

 

SBDC Guidance & Assistance for Small Businesses

America’s SBDC (Small Business Development Centers) has posted helpful information & links for small business
https://americassbdc.org/coronavirus-information/

UT Tyler-Longview SBDC Guidance & Assistance for Small Businesses in Gregg, Harrison, Marion, Rusk Panola and Upshur Counties, Texas

The UT Tyler-Longview SBDC is open and available for phone or web consultations with entrepreneurs and small business owners.  We can help you get through this challenging time.  We urge you to start by being proactive and following these simple steps:

  • Be proactive, creative and think outside of the box.  This is what successful entrepreneurs do.
  • Reach out now to your banker, landlord, employees and suppliers to talk about possible cash flow issues and how they might affect your loan, lease, payroll or inventory.
  • Keep financial records up to date in case you need to apply for additional bank loans or lines of credit.
  • Document the business impact of this disaster in case you need this information in the future.
  • Resist the temptation to lay off employees.  The SBA is offering forgivable working capital loans to help you make payroll.  It may be more expensive to rehire and retrain in the future.
  • SEEK ADVICE (from an SBDC advisor, lawyer, CPA, business mentor, etc.).  Small business owners who actively seek advice from experts have higher rates of success than those who don’t.


An SBDC business advisor can help small business owners in these and other areas.  Together we will help your small businesses survive and thrive! Call us today for an appointment at 903-757-5857.