Skip to main content

SBA Offering Aid to Houston Small Businesses Amid COVID-19 Crisis

Published Mar 25, 2020 by Julia McGowen

Businesses around the world face mounting challenges as  the COVID-19 crisis continues to spread, including disruption to global supply chains and finances. While businesses of all sizes are grappling to adjust, Houston's small business community is especially feeling the pressure as it navigates an uncertain future. 

To help small business owners make smart decisions during this unprecedented situation, the Greater Houston Partnership hosted a webinar on March 24 for SMEs (small to mid-size businesses) featuring Tim Jeffcoat, District Director of the U.S. Small Business Administration (SBA) Houston District Office. The session was part of the organization's COVID-19 Houston Business Forum, a digital series providing the latest information and analysis on the crisis and its economic impact.

Jeffcoat shared information and resources for the companies, including disaster loan assistance for small businesses and nonprofits, as well as non-finance assistance available from the SBA and its partners

Jeffcoat explained how qualifying businesses can apply for SBA’s Economic Injury Disaster Loans (EIDL), which offer low-interest loans of up to $2 million with no payments required for 12 months. These cash injections can be used for SMEs to cover fixed debts, payroll, accounts payable and bills that are affected by the disaster.

He also outlined the application process, materials needed for businesses to apply, and additional EIDL resources. Those can be found here.

To offer further assistance for business still working to pay off disaster loans after Hurricane Harvey, or other loans through the SBA, the agency is allowing those payments to be deferred until the end of the year.

Jeffcoat also noted that once a business is approved for an EIDL loan, the agency will provide immediate assistance with an initial disbursement that would be disbursed within five business days. 

Jeffcoat also shared other important non-monetary resources available through the SBA and its partners, which include:

These organizations can assist SMEs by providing guidance on cash flow management, supply chains, marketing, strategic planning and offering mentorship on financial decisions.

The Greater Houston Partnership's COVID-19 Houston Business Forum is a digital webinar series providing the latest information and analysis on the crisis and its economic impact for a list of upcoming webinars, click here. We also encourage you to visit the Partnership's COVID-19 Resource page for updates, guidance for employers and more information. And sign up for daily email alerts from the Partnership as the situation develops. 
 

Related News

Economy

Houston Business Barometer Week 9: Area Companies Look to Reassess Telecom Needs, Office Layout and Size Post-COVID

6/3/20
More than half of area companies say they have recalled some or all of their employees who had been working from home back to the workplace in recent weeks, according to the latest survey from the Greater Houston Partnership.  About 11% of those surveyed said they have recalled all of their employees to the worksite and another 40% say they have yet to recall employees who have been working from home.  Twenty-eight percent of the companies that responded to this week’s Houston Business Barometer survey said their firm’s short-term outlook was better this week than last week. Just 4.6% say their outlook is worse this week.   About 28% of respondents said their operations have been severely impacted by the pandemic, the same as last week. Another 34% report a moderate impact on their operations. Roughly 29% said their revenues have declined since their last billing cycle.  Approximately 36% of companies said they had partially or fully reopened their previously shuttered operations in recent weeks, while another 13% of respondents said they had not yet reopened. About half of respondents reported they never halted operations.  Eighty percent of survey participants to this week’s survey say they did not furlough employees during the shutdown. About 8% said they have recalled all or some of their furloughed employees and 12% said they have not yet recalled any furloughed employees.  Asked what elements of their business they might reassess in response to their COVID-19 experience, the top answers among respondents this week were: telecommuting practices, technology needs, office design and the size of their worksites/offices.  A total of 65 companies responded to the 9th Houston Business Barometer survey conducted by the Partnership between June 1 and 2.  See results from Week 8.     Get information and guidelines on reopening businesses safely from the Partnership's Houston Work Safe Program. Visit the Partnership's COVID-19 Resource page for updates, guidance for employers and more information.  
Read More

Related Events

COVID-19 Business Forums

Economy Series: Energy

Patrick Jankowski, the Partnership's Senior Vice President of Research, will provide monthly economic updates on the current state of Houston’s economy. This month, Jankowski will focus on energy. After…

Learn More
Learn More
Executive Partners