| Automatic Deferment on Existing SBA Disaster Loans Through End of 2020 The U.S. Small Business Administration Administrator Jovita Carranza announced changes to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, will be automatic. Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment. “The SBA is looking at every option and taking every action to cut red tape to make it easier for small businesses to stay in business. Automatically deferring existing SBA disaster loans through the end of the year will help borrowers during this unprecedented time,” said Administrator Carranza. “Today’s announcement adds a list of growing actions the SBA is taking to support small businesses. These actions include making it easier for states and territories to request a declaration so small businesses statewide can now apply for economic injury disaster loans, and changing the terms of new economic injury loans to allow for one-year deferments. We are working around the clock to find ways to assist small businesses and today’s action is one step in this process.” Visit SBA.gov/Coronavirus for more information on SBA’s assistance to small businesses. Please Contact the NCDF Hotline to Report Any Fraud Related to COVID-19 Virus (Coronavirus) Coronavirus-related (COVID-19) complaints should be reported to the National Center for Disaster Fraud (NCDF) Hotline at 1-866-720-5721 or e-mail at disaster@leo.gov. The NCDF is a national coordinating agency within the Department of Justice’s Criminal Division dedicated to improving the detection, prevention, investigation, and prosecution of criminal conduct related to natural and man-made disasters and other emergencies, such as the coronavirus (COVID-19). Hotline staff will obtain information regarding your complaint, which will then be reviewed by law enforcement officials. |
| Information from Treasury, IRS, and Labor to help your Small Business survive The U.S. Treasury Department, Internal Revenue Service and the U.S. Department of Labor announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act, signed by President Trump on March 18, 2020. The act will help the United States combat and defeat COVID-19 by giving all American businesses with fewer than 500 employees funds to provide employees with paid leave, either for the employee’s own health needs or to care for family members. The legislation will enable employers to keep their workers on their payrolls, while at the same time ensuring that workers are not forced to choose between their paychecks and the public health measures needed to combat the virus. For more information about these credits and other relief, visit Coronavirus Tax Relief on IRS.gov. Information regarding the process to receive an advance payment of the credit will be posted next week. Click for more Info Resource Partner Assistance Webinar – Preparing for SBA Relief Loan During this webinar our expert trainer will show you how to prepare to apply for an SBA Disaster Relief Loan. You will learn how to fill out important documents to expedite the loan process. Presenter: Rebecca Schultz, Commercial Loan Consultant, Synerlock Register Coronavirus Disaster Loan Assistance Coronavirus Disaster Loan Assistance Program Texas small businesses can now apply for SBA Economic Injury Disaster Loans (EIDL) to help with the COVID-19 crisis. These are targeted, low-interest loans of up to $2 million to small businesses (3.75% interest rate, fixed) and non-profits (2.75%) that have been severely impacted by the Coronavirus. There is no payment for the first 12-months. Go to Disasterloan.sba.gov or call 800-659-2955. Download more information: English (updated 3/23) ….. Spanish (updated 3/24) While waiting for the SBA loan, we suggest you do the following to conserve CASH: * Contact banks for a bridge loan to cover immediate needs * Contact lessors of property to postpone payment for a couple of months * Contact suppliers to see if they are willing to delay payments * Download this useful toolkit from U.S. Chamber of Commerce Coronavirus update: SCORE is suspending face-to-face mentoring and physical workshops; however, Our mentors are available to help you by video chat, email, or telephone … continue to submit your requests for mentoring. Find a Mentor WBEA/WBC – Updates The WBEA -Women’s Business Center (HWBC) represents a national network of nearly 100 educational centers designed to start and grow small businesses. WBCs operate with the mission to “level the playing field” for women entrepreneurs, who still face unique obstacles in the world of business. While our main objective is to assist women entrepreneurs, we also help men who desire to start and own their business. Through comprehensive training and counseling the Houston Women’s Business Center is primed to prepare entrepreneurs and small business owners for success. Convenient training and consultations designed to increase the capacity of small businesses are funded through a cooperative agreement with the U.S. Small Business Administration. Future Events COVID-19 Resource Information Providing Expanded Family and Medical Leave and The U.S. Department of Labor will be hosting a national online dialogue to provide employers and employees with an innovative opportunity to offer their perspective as the Department develops compliance assistance materials and outreach strategies related to the implementation of the Families First Coronavirus Response Act (FFCRA). Anybody who is interested can participate online at https://ffcra.ideascale.com from March 23 through March 29, 2020 or can join a Twitter chat hosted by @ePolicyWorks on March 25, 2020 at 2 p.m. EST using the hashtag #EPWChat. Please join the dialogue to submit your ideas, votes, and comments. Visit https://ffcra.ideascale.com/ to learn more and register for the dialogue today! How to Apply for an Economic Injury Disaster Loan (EIDL) The SBA Houston District Office will provide the latest information from SBA to help small businesses with their economic recovery. We will give information on how to apply and where you can get additional help with preparing and applying for an SBA Economic Injury Disaster Loan. The information presented on all calls will be the same. Daily Webinars: Phone: 1+346-248-7799 Online: 9am (English) https://score.zoom.us/j/401014156 ID 401 014 156 11am (Spanish/Español) https://score.zoom.us/j/953359546 ID: 953 359 546 1pm (English) https://score.zoom.us/j/358760584 ID: 358 760 584 3pm (English) https://score.zoom.us/j/293099534 ID: 293 099 534 Follow Us on Twitter @SBA_Houston |
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