2021 has been a rough start for Texas’s small businesses. Covid-19 and the winter storm affectionately referred to as “Sno-vid” has packed quite a punch for west Texas and the Concho Valley. As we continue to pick up the pieces and get back to work like we always do, there are a few things that may help your small businesses recover a little bit easier. The last year has brought about a long list of government and financial resources for small businesses and some of those programs are due to end in the near future. We have compiled a list of programs with due dates to keep in mind in the coming weeks and months.
SBA-COVID-19 EIDL Loan-In response to COVID-19 - Small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL). https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covid-19-economic-injury-disaster-loan
SBA Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Borrowers may be eligible for PPP loan forgiveness. SBA is currently offering PPP loans until March 31, 2021. President Biden announced program changes to make access to PPP loans more equitable. https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program
SBA Shuttered Venue Grant - The Shuttered Venue Operators Grant (SVOG) program was established by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, and amended by the American Rescue Plan Act. The program includes over $16 billion in grants to shuttered venues, to be administered by SBA’s Office of Disaster Assistance, and begins accepting applications in April 2021. https://www.sba.gov/funding-programs/loans/covid-19-relief-options/shuttered-venue-operators-grant
Knowing the available resources is an added bonus to your small business. The ASU’s Small Business Development Center is here to help you and your small business navigate through these difficult times due to COVID-19 and beyond. We have been helping Concho Valley small businesses for the last 31 years and continue to do so at NO COST to you or your business.
“Business Tips” was written by Leslie Mackie, Business Advisor of Angelo State University’s Small Business Development Center. For more information on the topic of this article or the services of the ASU • SBDC, contact her at Leslie.Mackie@angelo.edu.