Texas Governor Requests Small Business Administration Disaster Loans

Cozen O'Connor
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Cozen O'Connor

On March 17, 2020, Texas Governor Greg Abbot formally requested the U.S. Small Business Administration declare a disaster for the entire state of Texas pursuant to 13 CFR § 123.3 to address the impact of the coronavirus on small businesses. Here is a copy of Governor Abbot’s letter and press release.

If granted, the state of Texas and any other designated states would have access to long-term, low interest Economic Injury Disaster Loans (EIDL) for businesses and private nonprofits from the U.S. Small Business Administration of up to $2 million to help meet financial obligations and operating expenses. Additional information on EIDL from the U.S. Small Business Administration can be found here.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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