Earlier today Texas was added to the list of states with disaster declaration related to COVID-19. As previously reported by Helotes News, Governor Abbott submitted the application to the SBA this past Tuesday that included every county in our great state. We can confirm Bexar County is on the list. Click to view the SBA Disaster Declaration Details.
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Now let’s review some items we believe are important for our small town small businesses. Most importantly, if the SBA determines you can obtain credit elsewhere, you cannot use the SBA’s Economic Injury Disaster Loan (EIDL). Your credit is reviewed, insurance claims and recoveries are considered.
Despite the enormous challenges and uncertainty facing all of us, right now we caution you to take time to read the SBA’s information, review your budget and use your existing credit wisely. Using revolving credit right now will increase your credit utilization. Banks and the SBA will pull credit reports. High utilization is likely to negatively impact your loan application(s).
Another option is to utilize local resources such as our local banks. Go to shophelotes.com and search for banks. Another area resource we were informed of today by Glenn Goolsby, the Assistant Director of the Helotes Economic Development Corporation is LiftFund. You can view their COVID-19 Disaster Relief Program here.
In closing, we hope you find some relief, however big or small in this article. At the very least you should enjoy a moment of hope, no matter hope long it lasts when you view the SBA’s disaster areas and see what appears to be every single county in Texas listed! Get some rest tonight knowing we have many good men and women working hard in our city, school district, county and state to get us the resources and support to have the best possible chance to start building our new normal way of life as we all face each new day together.
