News Release: Small Business Association (SBA) CoVID19 Qualifying Event 3/17/2020
The Small Business Association (SBA) has designated COVID-19 as a qualifying event for the provision of Economic Injury Disaster Loans (EIDL) for businesses and private non-profits in affected communities that have sustained substantial economic injury. This is triggered when a business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.
In order for Texas to qualify for a SBA Economic Injury Disaster Declaration, Texas will need to submit five (05) Economic Injury Worksheets certifying a small businesses in a disaster area has suffered substantial economic injury as a result of COVID-19 and are in need of financial assistance. These worksheets are attached. Once five (05) submitted worksheets are validated by SBA, the Governor may request the SBA Economic Injury Disaster Declaration. A county will be included in this declaration if it has at least one qualifying Economic Injury Worksheet or the county is contiguous to another qualified declared county. Additional counties may be added by TDEM after a declaration is received.