Economic Development

The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration. 

Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19). 

SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance. 

Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities as well as updated on our website: www.sba.gov/funding-programs/disaster-assistance.

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. 

These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. 

SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. 

SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible. 

 For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov. 

 Visit www.sba.gov/funding-programs/disaster-assistance for more information. 


NOTICE: CARES Act - Emergency Economic Relief

On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief and Economic Security (CARES) Act, into law, following swift passage in the House of Representatives by voice vote, and one day after the U.S. Senate passed the bill in a unanimous 96-0 vote. The CARES Act is a $2 trillion stimulus package that addresses the devastating economic and societal impacts of the COVID-19 pandemic. It includes many funding measures that directly benefit the railway industry—all modes, freight, and passenger.

CARES Act Package
The Small Business Owners Guide to the CARES Act
Texas Economic Development Business Resources

June 15, 2020 - UPDATE - 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.