03/24/2020
I hope this message finds you and your family safe and healthy. I received an update from the City of San Antonio regarding assistance for small business owners that are now available. I wanted to share this with you to try to make this difficult time a bit easier. Before anyone requests a loan, I recommend you do the following:
1. Evaluate your current liquidity. Determine if a loan is actually needed.
2. Contact your current lenders and see if they can modify or defer loan payments for a period of time so you do not borrow money to service debt.
3. If you pay employees while they are not working, there are tax credits available through your quarterly payroll tax filings. The IRS is supposed to be issuing further guidance on how this will work this week.
SBA Loans
On 3/17/20, Texas Governor Greg Abbott requested designation from the Small Business Administration (SBA) Economic Injury Disaster Declaration to access the Economic Injury Disaster Loan (EIDL) program for the entire state of Texas. This was a crucial step in making long-term, low-interest SBA loans available to qualifying businesses across the state.
https://sanantonio.us5.list-manage.com/track/click?u=e673d5aa2950aac98a3b33233&id=7e1a09f08f&e=bea47eeb66
For additional information, small businesses may contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail [email protected]
Click HERE to learn more about preparing to apply.https://sanantonio.us5.list-manage.com/track/click?u=e673d5aa2950aac98a3b33233&id=d973f706f8&e=bea47eeb66
Click HERE for Additional Information about Disaster Loanshttps://sanantonio.us5.list-manage.com/track/click?u=e673d5aa2950aac98a3b33233&id=daace0762d&e=bea47eeb66
0% Interest Loan Program
Through a partnership with LiftFund, the City of San Antonio helps make 0% interest loans available to qualifying local small, minority, and women-owned businesses. Loans range from $500 to $100,000 and can be used to help start-up or existing business.
Click HERE to learn more.https://sanantonio.us5.list-manage.com/track/click?u=e673d5aa2950aac98a3b33233&id=4bc2bd359b&e=bea47eeb66
Legal Help for Small Business Owners
As a small business owner, you may be finding that COVID-19 and its effects present unprecedented issues with contract compliance. In considering a party’s performance under a contract, there may be several clauses built into your agreements that might be invoked to assist your small business.
Click HERE to learn more.https://sanantonio.us5.list-manage.com/track/click?u=e673d5aa2950aac98a3b33233&id=30604d3220&e=bea47eeb66
Personalized Guidance
Launch SA is San Antonio's entrepreneurs and small business resource center. Staff members are available and can provide insights to help address specific challenges.
Click HERE to connect.https://sanantonio.us5.list-manage.com/track/click?u=e673d5aa2950aac98a3b33233&id=855780e667&e=bea47eeb66