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Texas Small Business Coronavirus & COVID-19 Assistance | Resources
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Small Business LIFT COVID-19 Perspectives
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April 20, 2020 Bigger than the Negative Oil Price + 4 LIFT TIPS Download here (5.7 MB file so you can enlarge)
April 6, 2020 Perspective on Economic Impact on Texas + 4 LIFT (movie) TIPS Download here
March 27, 2020 Why It Will Be 40 Days After the Peak + 4 LIFT TIPS Download here
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Can Your Business Apply For An Economic Injury Disaster Loan?
- Designed to give you working capital to keep your business running during the pandemic –
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Texas is Eligible
[/vc_column_text][vc_column_text]“The U.S. Small Business Administration (SBA) granted Texas’ Economic Injury Disaster Loan (EIDL) assistance declaration, making loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).”[/vc_column_text][/vc_column_inner][vc_column_inner width=”1/3″][vc_column_text]
What Businesses are NOT Eligible?
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- Business With Credit Available from Other Lenders
- Investment or Lending Companies
- Religious & Charitable Organizations (Private Non-Profits OK)
- Businesses of a prurient sexual nature
- Gambling More Than 1/3 of Annual Gross Revenue
- All Speculative Activities
- Agricultural Enterprises
- See links for other criteria
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Worth Exploring?
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Updated May 6: The SBA has extended the safe-harbor period for returning Paycheck Protection Program (PPP) funds to May 14.
– Designed to allow businesses to cover monthly payroll for up to 2.5 months –
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Who Is Eligible?
Coronavirus impacted:
- Business with fewer than 500 employees
- Sole proprietor or independent contractor
- Self-employed individual carrying on any trade or business
- Small business that otherwise meets the SBA size standard
- 501(c)(3) with fewer than 500 employees
- See links for other criteria
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How Much Can Be Forgiven?
- Loan forgiveness equal to the amount spent on qualified expenses during the 8-weeks beginning the date of the origination of the loan:
- Payroll costs (using designated definition)
- Interest on some mortgage obligation
- Rent on a leasing agreement
- Payments on utilities
- See links for other criteria
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Resource Links
US CHAMBER OF COMMERCE (03/26/2020)
SBA APPLICATION (2020.04.03)
LIST OF QUALIFIED LENDERS (STARTS ON PAGE 30)
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