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SBA Has Awarded $5 Million in EIDL Loans to Texas Businesses After March Tornadoes

The U.S. SMALL COMPANY Administrations Disaster Field Operations Center-West has announced they have approved a lot more than $5 million in federal disaster loans for Texas businesses and residents influenced by severe storms and tornadoes in Texas.

The storms and tornadoes occurred around Bastrop, Grayson, Houston, Jack, Montague, Nacogdoches, Upshur and Williamson counties on March 21, causing considerable harm to residential and commercial properties. The SBA has approved $163,200 for businesses and $4,921,000 for residents to greatly help the communities suffering from the severe weather rebuild and recover.

Tornadoes Bring Disaster to Texas

An outbreak of tornadoes first struck the Southern USA on March 21 and lasted two days before transitioning to the Eastern USA on March 23. Everything began with multiple supercell thunderstorms and also severe squall lines in central Texas and southern Oklahoma. A complete of 83 tornadoes then caused huge property damage in addition to causing multiple deaths and injuries. Many of the tornadoes were rated EF2 and EF3 and so are likely those that caused probably the most damage.

The disaster loans can be found to eligible businesses located in Anderson, Angelina, Archer, Bastrop, Bell, Burnet, Caldwell, Camp, Cherokee, Clay, Collin, Cooke, Denton, Fannin, Fayette, Grayson, Gregg, Harrison, Houston, Jack, Lee, Leon, Madison, Marion, Milam, Montague, Morris, Nacogdoches, Palo Pinto, Parker, Rusk, San Augustine, Shelby, Smith, Travis, Trinity, Upshur, Walker, Williamson, Wise, Wood and Young counties in Texas. The loans may also be designed for businesses in the Oklahoma counties of Bryan, Jefferson, Love and Marshall.

The interest of the loans has been set at 2.94% for businesses and 1.875% for private non-profit organizations, with the terms lasting around 30 years.

SBA Director Confirms Loan Access

Director Tanya N. Garfield of the U.S. said: Even though deadline to use for property damage loans has expired, smaller businesses & most private non-profit organizations of any size may continue steadily to make an application for an Economic Injury Disaster Loan to greatly help meet working capital needs due to the disaster. Economic injury assistance can be acquired whether or not the business enterprise or non-profit organization suffered any property damage.

The SBA also explained the eligibility criteria, saying that the loans are for small non-farm businesses, small agricultural cooperatives, smaller businesses engaged in aquaculture & most private non-profit organizations of any size. These eligible organizations can be eligible for an Economic Injury Disaster Loan as high as $2 million to greatly help meet obligations and operating expenses that could have already been met had the disaster not occurred.

The loans ought to be used to cover fixed debts, payroll, accounts payable along with other bills a business is struggling to cover due to the impact of the storms and tornadoes.

How exactly to Obtain a Texas Disaster Loan

Applicants for the Texas disaster loans can apply online in addition to access additional disaster assistance information and download applications at the Disaster Loan Assistance website.

If eligible, you may also call the SBAs CUSTOMER SUPPORT Center at (800) 659-2955 or email to get more info on the disaster loan assistance. The deadline to submit an Economic Injury Disaster Application for the loan is February 6, 2023.

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