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U.S. SBA approves emergency designation for Texas businesses, loans available

By Matthew Quick
Published  March 20, 2020 2:37pm CDT
Coronavirus
FOX 7 Austin

Texas - Texas Governor Greg Abbott announced that the U.S. Small Business Administration (SBA) has included the entire state of Texas in its Economic Injury Disaster Declaration, allowing qualifying Texas business access to long-term, low-interest loans. 

According to a press release, Abbott's request was driven by the coronavirus-related economic losses occurring across Texas including major event cancellations, loss of walk-in customers, depletion of stock from suppliers and client cancellations. 

What does the public health disaster entail?

Abbott said the statewide orders are to make sure Texas is following guidance provided by the federal government.

Qualifying businesses will be able to apply for assistance and are granted access to the SBA's Economic Injury Disaster Loans (EIDL) program. 

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"Small businesses are the foundation of our state’s economy and they need all the help they can get as the ripple effects of COVID-19 impact their everyday operations," said Abbott. "Today’s decision by the U.S. Small Business Administration to make Economic Injury Disaster Loans available to qualifying small businesses across Texas is a vital lifeline for Texas small business owners who are doing their best to adapt to these trying times."

Texas small businesses who believe they may be eligible for loans 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. 

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"The overriding message of this time in history is that we are all in this together," said Abbott. "From people responsibly remaining at home to protect themselves and their communities to the small businesses adapting to serve them, Texans are showing their willingness to serve the greater good and that’s why we’ll overcome this together. That’s what Texans do. We are not only Texas Strong, we are #TexasBizStrong."

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