State Sen. Robert Nichols is encouraging small businesses shuttered or slowed by the outbreak of COVID-19 to seek assistance through the Economic Injury Disaster Loan Program.
“The COVID-19 pandemic is affecting small businesses, even where there are no local cases of the virus. Small businesses are the lifeblood of local economies as they provide essential goods and services, employment, and a tax base for critical government services,” Nichols said. “Nothing embodies the spirit of Texas independence and entrepreneurship more than our small businesses, and we need to support them.”
The Small Business Administration’s Economic Injury Disaster Loan Program provides small businesses with working capital loans up to $2 million. These loans could provide vital economic support to help those businesses overcome the temporary loss of revenue they may be experiencing, Nichols said.
“Congress is considering other measures to support small businesses and families, which when approved could offer additional critical support for those most affected. You can be assured the Texas Legislature will consider any measure necessary to bolster our Texas economy and help small businesses, when it next convenes. I will continue to provide updates on these developments as they become available,” said Senator Nichols.
Businesses interested in pursuing the Economic Injury Disaster Loan Program should visit www.disasterloan.sba.gov/ela for more information.
The list below includes some information needed to apply for a loan:
Business Loan Application (SBA Form 5 – available online at www.sba.gov/ela
IRS Form 4506-T completed and signed by applicant business;
Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business;
Personal Financial Statements (SBA Form 413) completed, signed and dated by the applicant;
Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used);
If the most recent Federal income tax return has not been filed, a year-end profit and loss statement and balance sheet for that tax year is acceptable;
A current year-to-date profit and loss statement.
Business owners who have questions may contact Nichols’ office at 512-463-0103 Robert.Nichols@senate.texas.gov.
“It has and continues to be an honor to represent you in the Texas Senate,” Nichols said. “Together, our state will overcome this challenge, as we have all others.”