AUSTIN, TX — The City of Austin Economic Development Department and the U.S. Small Business Administration (SBA) San Antonio District Office announce a free virtual workshop on federal financial resources for businesses, non-profits, and self-employed individuals impacted by the global COVID-19 pandemic. Topics include recent revisions to the Paycheck Protection Program and the Economic Injury Disaster Loan Program, along with an opportunity to ask questions on program eligibility. The virtual workshop will occur on Thursday, July 23 at 3pm.
“A recent survey we commissioned with the Austin Chamber showed that the COVID-19 pandemic continues to have severe financial impacts for many small businesses and self-employed individuals in our city,” said Veronica Briseño, Chief Economic Recovery Officer for the City of Austin. “That is why we asked the federal Small Business Administration to host this virtual workshop. We want to make sure our local employers and entrepreneurs can take full advantage of every federal and local disaster relief program during this unprecedented time.”
Thursday, July 23 at 3:00-4:00pm
On March 27, 2020, the President signed into law the CARES Act, which contains $376 billion in relief for American workers and small businesses facing economic disruption. Economic Injury Disaster Loan (EIDL) low-interest loans can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments. The SBA resumed accepting new Economic Injury Disaster Loan applications on June 15 to all qualified small businesses. Additionally, the Paycheck Protection Program (PPP) resumed accepting applications July 6, 2020 in response to the program's extension legislation. The new deadline to apply for a Paycheck Protection Program loan is August 8, 2020.
COVID-19 Business Impact Survey
Commissioned by the City of Austin and the Austin Chamber of Commerce, the University of Houston Hobby School of Public Affairs conducted an online survey of Austin area businesses to better understand the impact of the COVID-19 pandemic in Austin.
The survey identified several industries where more than a third of businesses would not be able to last longer than four months under the current conditions – including businesses in the live music, restaurant and bar, hospitality services, retail, arts, entertainment, recreation, and health care industries. Financial support for these industries through the pandemic will be critical for Austin’s economy to rebound.
About the City of Austin Economic Development Department
The City of Austin Economic Development Department supports business growth, creative industries, and local communities. These programs build an equitable, sustainable economy to improve the lives of all Austin residents. To learn more about helpful resources, visit www.austintexas.gov/edd and follow @econvitalityatx on Twitter.