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Kyle, Texas | Economic Development

COVID-19 Updates & Resources

Texas Small Businesses

COVID-19 UPDATE: 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).

Small businesses who believe they may be eligible for an SBA EIDL, should visit the SBA’s website where they can directly apply for assistance. The online application is the fastest method to receive a decision about loan eligibility.

The SBA also recommends prospective applicants assemble their documents required for the loan application, thus getting a head start on “step two” in the loan review process. Below is the list of ten documents prospect applicants should assemble and scan to prepare for uploading them into the EIDL website, in addition to forms required by SBA.

1. Corporate governance documents; e.g., Articles of Incorporation, Articles of Organization (for LLC), or Registration of Sole Proprietorship
2. Written statement justifying the nature and scope of economic injury and how/why nature of business was adversely impacted by the Coronavirus (one page/no more than two), such as loss of revenues, cancelled contracts, interrupted supply chain, etc., that resulted in economic injury
3. Current Accounts Payable and Accounts Receivable Aging as of date of filing for the loan
4. Three (3) years’ 1040 Federal Income Tax Returns for the business & owners
5. Three (3) years’ company FYE Income Statement and Balance Sheet and latest YTD Financial Statements (Company prepared is acceptable)
6. Company and Owners’ Debt Schedule Tables [e.g., Lender, original loan amt., date, current balance, interest rate, collateral, purpose of loan, guarantors, status (e.g., current or past due with explanation) per row in table]
7. Monthly two (2) years’ cash flow projections
8. Three (3) years’ Monthly Sales History up to date of filing for loan
9. Current copies of owners’ credit reports from the three (3) credit bureaus with explanations for any negative reports
10. Required SBA Forms:

  • IRS Form 4506-T
  • Personal Financial Statement (SBA Form 413)
  • Schedule of Liabilities & Fixed Assets (SBA Form 2202)
  • Monthly Sales (SBA Form 1368)
  • Home Loan (SBA Form 5c), if applicable

All forms and further details are available on the SBA Disaster Loan website: www.sba.gov/disaster. Click on the Coronavirus link at the top of the page.

 


COVID-19 Resources for Businesses and Residents
 

Office of the Governor Economic Development 

https://gov.texas.gov/business/page/coronavirus

U.S. Small Business Administration: Assistance & guidance
Guidance for businesses and employers to plan and respond to COVID-19
https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-lo...

Three Step Process: Disaster Loans
 

Texas Department of Emergency Management
The Texas Division of Emergency Management (TDEM) serves the State of Texas by managing the all-hazards emergency management plan for the state. TDEM works closely with local jurisdictions, state agencies, and federal partners in ensuring Texas becomes more resilient for future disasters. TDEM staff are stationed statewide and serve six different regions. Whether natural or man-made, TDEM is prepared and ready to respond to all future disasters.
https://tdem.texas.gov/covid-19/


Texas Workforce Commission
“Information for COVID-19” banner on our homepage: https://twc.texas.gov/
Specific information is provided for Employers and Job Seekers
Employers – https://twc.texas.gov/news/covid-19-resources-employers
and
Job Seekers - https://twc.texas.gov/news/covid-19-resources-job-seekers

The Texas Workforce Commission Shared Work
TWC encourages employers to enroll in program as an alternative to layoffs. The voluntary Shared Work program was developed to help Texas employers and employees withstand a slowdown in business such as the impact of COVID-19.
https://twc.texas.gov/businesses/shared-work

Texas Workforce Commission - Rapid Response
The TWC is happy to conduct a Rapid Response information session for affected or potentially affected workers to provide the information they need during this time. Contact rapidresponse@wfscapitalarea.com for Travis County and rapidresponse@ruralcapital.net for the surrounding counties of Bastrop, Blanco, Burnet, Caldwell, Fayette, Hays, Lee, Llano and Williamson to schedule an information session.
https://twc.texas.gov/businesses/rapid-response

Workforce Solutions Rural Capital Area
Resources for employers and workers.
https://tinyurl.com/urs2hk2

Hays County Emergency Information
Stay informed with Hays County updates
http://haysinformed.com/

 

 

 

National/State Resources


Local Resources


Resources for Online learning

SBA Disaster Assistance for Businesses in Response to COVID-19 Learn More