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.
On Saturday, Austin leaders will hold a press conference to discuss a proposal for additional financial resources for impacted businesses.
“In anticipation of our City’s measured steps to contain the spread of COVID-19, our staff worked closely with county and state administrators, as well as our elected officials, to secure this resource for our community,” said City Manager Spencer Cronk.
According to a press release from the city, small businesses, private non-profits, homeowners, and renters experiencing financial losses due to COVID-19 can now apply for emergency financial assistance through the U.S. Small Business Administration's Disaster Assistance Loans.
Alongside the SBA announcement, Austin City Council said that on March 26 they will consider additional support for local business by creating a local Economic Injury Disaster Loan Program.
We recognize that for many local Austin businesses, the economic impact began with the cancellation of South by Southwest,” said Veronica Briseño, Director of City of Austin Economic Development Department. “Our intent for the proposed Economic Injury Disaster Loan Program is to address the economic impact to local businesses and provide support to retain employees until a recovery can begin.”
The loan program would provide working capital loans up to $35,000 for Austin business that can demonstrate economic injury associated with the COVID-19 pandemic, the press release stated.
Briseño is set to address the public at 2 p.m.
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