Small business owners in Texas can now qualify for Economic Injury Disaster Loans if they are impacted by closures due to the novel coronavirus pandemic, Click2Houston reported.
Several cities can apply for the loans, the Small Business Administration announced. Small businesses in Andrews, Cochran, Deaf Smith, El Paso, Gaines, Hartley, Loving, Oldham, Winkler and Yoakum are all eligible, the news agency reported.
Small businesses can apply for the loans of up to $2 million to assist with the issues associated with the loss of revenue stemming from closures due to coronavirus, according to the news agency.
After applying for the loans from the Small Business Administration, the loan application must be submitted with a dated IRS Form 4506-T, which gives the IRS permission to provide the Small Business Administration tax return information.
The agency reported that a declaration would need to be made for applications to be available to small businesses in the state. The administration's Office of Disaster Assistance will work with the state's governor to submit requests for the loan assistance through the Economic Injury Disaster Loan.
Loans can be used to help the agencies stay afloat during the impact of the coronavirus to do things such as "pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact." The interest rate is 3.75% for small businesses and 2.75% for nonprofits.
As of March 30 there were 2,877 coronavirus cases in the state and a total of 38 deaths. Harris County leads the state with 526 confirmed cases.
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