Texas Border Business
During this time of ongoing change, we remain constant in our efforts to provide you with vital updates on the reopening process.
As Governor Greg Abbott and the Strike Force to Open Texas continue to safely and strategically open the Lone Star State, it’s important to recognize the actions of each and every Texas resident in following the recognized precautions to protect their health and the health of others. On Monday, Governor Abbott released a message featuring Dallas Cowboys Linebacker Jaylon Smith about the importance of using face coverings in public.
By following simple safety measures, we can help mitigate the spread of COVID-19 while revitalizing the Texas economy — protecting our lives, while simultaneously protecting our livelihoods. We also appreciate our state’s small businesses and business owners in continuing to practice safety protocols and guidelines, and focusing on remaining resilient during this difficult time.
This email offers an important update on some of the available small business resources, including news on the SBA’s Economic Injury Disaster Loan (EIDL) program and Paycheck Protection Program (PPP). As always, please don’t hesitate to contact our office if we can provide any additional assistance or answer any questions.
EIDL Application Reopened The U.S. Small Business Administration reopened Economic Injury Disaster Loan (EIDL) and EIDL Advance loans to all eligible businesses on June 15, 2020. This change was made after applications were closed to non-agricultural small businesses in late May. The EIDL is designed to provide long-term, low-interest loans to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19. Organizations looking for more information and application instructions can visit the SBA’s Disaster Loan Webpage.Â
CARES Act by the Numbers: Texas Programs in the CARES Act, such as the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL), were launched to lessen the economic impact of COVID-19 on the Texas and U.S. economy. As of June 12, 2020, the total number of PPP loans in Texas totals 364,506 with a total loan amount of more than $40.3 billion, making Texas second to only California for highest number of loans and total loan amount. The SBA’s latest report also indicated that the number of EIDL Advances in Texas totals 262,802 with a total loan amount of $910.3 million, and the number of EIDL loans in Texas totals 112,510 with a total loan amount of more than $7.68 billion.
Conversations with the U.S. Small Business Administration The Governor’s Economic Development & Tourism Office’s Executive Director, Adriana Cruz, recently met with SBA Administrator Jovita Carranza, South Central Regional Administrator, Justin Crossie, District Director for the Dallas/Fort Worth Office, Herbert Austin, and other SBA representatives in Dallas, Texas, to discuss recovery resources for small businesses. The group also met with a Texas business to hear about how they are making an impact in their community and keeping workers employed with the support of the Paycheck Protection Program. The group was hosted by Dallas business owner, Shane Spillers at his restaurant, Eno’s Pizza Tavern.
Additional details on recovery resources for Texas businesses can be found on our COVID-19 resources page. And be sure to follow our social media channels for the latest updates. Further details on the Governor’s plan to Open Texas and a full list of guidelines, openings and relevant dates, are listed on the Open Texas website.
Thank you for all you do to help keep our state safe while getting back to business. Continue to stay healthy and hopeful as we look towards the future!
-Governor’s Economic Development & Tourism Office
