Business Resources and information
Funding Resources and Programs
The novel coronavirus (COVID-19) pandemic is an unprecedented event that has forced businesses to close their doors or suffer loss of business. There are several resources available to help businesses and their employees through this economic disruption from the United States Small Business Administration, Texas Workforce Commission, and more.
Resources are added to this page as they become available.
FEDERAL LOAN & GRANT RESOURCES
The United States Small Business Administration (SBA) set up programs to distribute the $376 billion in relief funds from the Coronavirus Aid, Relief, and Economic Security (CARES) Act President Trump signed into law in late March 2020. These programs were created to aid small businesses through this unprecedented economic disruption caused by COVID-19.
Four programs are listed on the SBA’s Coronavirus Relief Options page: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
Paycheck Protection Plan (PPP)
A loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. This loan is forgivable if you follow the guidelines.
The United States Chamber of Commerce created a Coronavirus Emergency Loans Small Business Guide and Checklist to help navigate the requirements and tips for the PPP loans: https://www.uschamber.com/sites/default/files/023595_comm_corona_virus_smallbiz_loan_final.pdf
If you were awarded a PPP loan, you can access the Loan Forgiveness Application here: https://www.sba.gov/PPPForgivenessApplication
Economic Injury Disaster Loan (EIDL) Advance
A loan advance providing up to $10,000 of economic relief to businesses that are currently experiencing revenue loss due to the COVID-19 pandemic. This loan advance will not have to be repaid.
SBA Express Bridge Loans
A loan of up to $25,000 for small businesses that have an active business relationship with an SBA Express Lender. This loan can help your business overcome temporary loss of revenue due to the COVID-19 pandemic or used to bridge the gap while applying for a direct SBA EIDL loan. Your business must repay the loan in full or in part by proceeds from the EIDL loan.
SBA Debt Relief
Financial reprieve for small businesses during the COVID-19 pandemic. The SBA will pay the principal, interest, and fees of certain current or new loans businesses have with the SBA.
If you would like to speak with local SBA offices to receive information or counseling please visit: https://www.sba.gov/local-assistance.
The US Chamber of Commerce has a website dedicated to providing information on loans, broadcasting Town Halls related to businesses, and relevant articles to help businesses navigate through the hardships of the COVID-19 pandemic. Visit https://www.uschamber.com/co/to find these resources.
STATE LOAN & GRANT RESOURCES
The Texas Workforce Commission (TWC) created COVID-19 resource pages to help Texas employers and jobseekers navigate unemployment benefits and unemployment insurance. The TWC also created a resource page for Child Care facilities, as well. Each page contains FAQ resources, information and documents needed to file for available resources.
- Information for COVID-19 Employers:
- Information for COVID-19 Jobseekers:
- Information for COVID-19 Child Care:
TWC Contact information:
The TWC set up an Unemployment Benefits Service (UBS) online claim portal so Texans can apply for benefits 24/7: https://apps.twc.state.tx.us/UBS/security/logon.do.
The TWC Tele-Center is open from 8:00 a.m. to 6:00 p.m. Monday through Friday. You can reach the Tele-Center at 800-939-6631.
The Texas Economic Development office established a website with a consolidated list of COVID-19 resources available to Texas businesses. Additionally, the Texas Economic Development office also composed a Frequently Asked Questions (FAQ) Relating to COVID-19 Businesses and Community Economic Development Partners document and an email distribution list for Texas businesses who wish to receive business-related COVID-19 updates. Please visit https://gov.texas.gov/business/page/coronavirus to find all these resources.
The Texas Woman’s University (TWU) created the AssistHer Emergency Relief Grant to help woman-owned businesses who have been severely impacted by COVID-19. TWU plans to award 100 applicants a $10,000 grant. You can find the application, requirements, and FAQ resources by visiting https://twu.edu/center-women-entrepreneurs/assisther-emergency-relief-grant/.
The Texas Film Commission (TFC) compiled a list of financial aid/relief programs for moving image industry professionals and businesses to help relieve hardships caused by COVID-19. You can find these programs and other resources by visitinghttps://gov.texas.gov/film/post/texas-covid-19-updated-resources-communication-for-creatives-march-2020.
The Texas Music Office compiled a list of information, resources, and grants available for music industry professionals affected by COVID-19. You can find descriptions and links to the various grants by visiting https://gov.texas.gov/music/post/assistance-information-and-resources-for-music-industry-professionals-affected-by-covid-19.