Information provided by Reece DeWoody with US Senator John Cornyn's office:
Chamber Friends – Senator Cornyn wants to make sure your members are aware of the current process for applying for Small Business Administration (SBA) loans.
At the moment, there are two components to qualify for an SBA loan. First, counties in Texas must meet an economic impact threshold for businesses within those counties to become eligible for loans. Once a county is certified by SBA, then businesses within that county can become eligible for the loans.
I’ve outlined the two steps Texas businesses in need should take below.
1. Register with the Texas Division of Emergency Management (TDEM): The SBA has designated COVID-19 as a qualifying event for Economic Injury Disaster Loans (EIDL) for businesses and private non-profits in affected communities. Before a business can become eligible to receive funds, the county in which it resides must first meet an economic impact threshold. The Governor’s Office and TDEM are currently working with SBA to qualify counties for this declaration, and we expect it will happen soon. To help that process, Texans should register with TDEM here.
2. Apply for an SBA loan: Once Texas counties are certified by the SBA (stemming from step #1 above), qualified businesses that have applied will be eligible to start receiving funds. You can apply for an SBA loan here. For additional information, I encourage you to visit the SBA website.
Disaster Loan Assistance
Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters
Apply For A Disaster Loan
You can apply online for all types of SBA disaster assistance loans. The online application is the fastest method to receive a decision about your loan eligibility. You have the option of submitting a paper application by mail. For either application, you must submit the completed loan application and a signed and dated IRS Form 4506-T giving permission for the IRS to provide SBA your tax return information. You may also apply in person at any Disaster Recovery Center and receive personal, one-on-one help from an SBA representative.
For information or to find a location near you, please contact our Customer Service Center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail firstname.lastname@example.org.
Required Information to Complete the Application After a Presidential disaster declaration, you must first register with the Federal Emergency Management Agency (FEMA).
To obtain a registration number, call FEMA at 1-800-621-3362 (TTY: 1-800-462-7585) or visit DisasterAssistance.gov.
The following information is required to complete the SBA online application: • Contact information for all applicants • Social security numbers for all applicants • FEMA registration number • Deed or lease information • Insurance information • Financial information (e.g. income, account balances and monthly expenses) • Employer Identification Number (EIN) for business applicants