Information for Small Business Owners

Coronavirus Aid, Relief, and Economic Security (CARES) Act 
The 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. Reivew this helpful small business guide and checklist provided by the U.S. Chamber of Commerce here.

SBA Economic Injury Disaster Loan
The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. 

Texas (entire state) and New Mexico (select counties) have received approval for funding and both states are continuing to request approval in additional counties. To determine if your county is eligible, visit this webpage.

Some businesses may be eligible for a deferment on existing SBA 7(a) and 504 loans.  Please note that businesses must provide documentation disclosing they are experiencing loss of revenue, plus lack of cash reserves to cover existing expenses, to be eligible for a deferment. Borrowers seeking deferment assistance will be required to provide the follow:

For additional guidance and loan resources please visit the SBA website.