Coronavirus (COVID-19) Quicklinks to Relief Resources
On March 27, 2020 the president signed into law the “C.A.R.E.S. ACT” in response to COVID-19. So what does that mean for you?
When a disaster occurs in the U.S. laws specific to the disaster are written, and passed to help Americans recover from the disaster. Federal agencies like F.E.M.A. and S.B.A. help manage the recovery efforts with grants and loan programs. Many of us are familiar with FEMA during natural disasters. In order to receive grant assistance from the federal government you must apply for a disaster loan through SBA, if denied then FEMA usually provides recovery in the form of a grant.
For the COVID-19 (Coronavirus) pandemic the government is offering guaranteed loans for small businesses through SBA.gov. $10,000 of the loan is forgiven if the business or individual meet the qualifications. Everyone effected by the pandemic should apply for those resources. I complied of list of resources with direct links to apply.
Unemployment Benefits (Texas) – https://www.twc.state.tx.us/
Texas unemployment program pays benefits to those individuals who lost their jobs through no fault of their own. TWC determines eligibility. Note: Unemployment varies by state, the information above only applies to Texas residents.
Anyone who’s lost wages because of COVID-19 can qualify including freelancers, private contractors, gig workers, other small businesses and their employees.
Paycheck Protection Program – https://www.sba.gov/paycheckprotection/find (link to search for a SBA lender near you)
This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating.
Economic Disaster Injury Loan – https://covid19relief.sba.gov/#/
Small business owners could qualify a loan up to $200,000 and a grant of up to $10,000
SBA Express Bridge Loans – small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
SBA Debt Relief – small businesses who currently have a business relationship with SBA can apply for forgiveness of their current loan. Contact your local SBA lender.
Note: All information regarding Coronavirus 2019 (COVID-19) is subject to change at any time due to the changing nature of the pandemic. Please revisit this page regularly for updates.
