Virtual workshop aims to assist local businesses understand federal financial assistance

AUSTIN, Texas - The City of Austin is partnering with the U.S. Small Business Administration (SBA) San Antonio District Office for a free virtual workshop on federal financial resources for businesses.

The virtual workshop aims to assist businesses, non-profits, and self-employed individuals impacted by the global COVID-19 pandemic.

The workshop is scheduled for Thursday, July 23 at 3 p.m.

Some of the topics of the workshop include recent revisions that have been made to both the Paycheck Protection Program and the Economic Injury Disaster Loan Program as well as an opportunity for attendees to ask questions on program eligibility.

“A recent survey we commissioned with the Austin Chamber showed that the COVID-19 pandemic continues to have severe financial impacts for many small businesses and self-employed individuals in our city,” said Veronica Briseño, Chief Economic Recovery Officer for the City of Austin. “That is why we asked the federal Small Business Administration to host this virtual workshop. We want to make sure our local employers and entrepreneurs can take full advantage of every federal and local disaster relief program during this unprecedented time.”

On March 27, 2020, President Trump signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses facing economic disruption. Economic Injury Disaster Loan. These loans could be used to "cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments."

The Small Business Administration resumed accepting new Economic Injury Disaster Loan applications on June 15 to all qualified small businesses. The Paycheck Protection Program (PPP) resumed accepting applications on July 6, 2020 and has a new deadline of August 8, 2020.

A survey commissioned by the City of Austin and the Austin Chamber of Commerce identified several industries where more than a third of businesses would not be able to last longer than four months under the current financial strains. These industries include live music, restaurant and bar, hospitality services, retail, arts, entertainment, recreation, and health care industries.

"Financial support for these industries through the pandemic will be critical for Austin’s economy to rebound," the city stated in a press release.

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