Veronica Briseño, director of the City of Austin Economic Development Department, has announced emergency financial assistance available for Austin businesses through the U.S. Small Business Administration.
The SBA approved Texas’ request for the low-interest federal disaster loans. Under the program, businesses, private nonprofits and others may qualify for up to $2 million in loans to pay debts, payroll and other bills they are unable to pay because of the coronavirus crisis.
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“We are excited that local small businesses and non-profits have another source of relief from the economic impacts of this pandemic,” City Manager Spencer Cronk said in a statement, “and we are continuing to evaluate other sources of support to respond to the needs of our local businesses and their employees.”
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On Thursday, the Austin City Council is scheduled to discuss the creation of a local program similar to the SBA program. The Economic Injury Disaster Loan Program would provide loans up to $35,000 for Austin businesses that can show economic injury because of the COVID-19 pandemic.
“We recognize that for many local Austin businesses, the economic impact began with the cancellation of South by Southwest,” Briseño said in a statement. “Our intent for the proposed Economic Injury Disaster Loan Program is to address the economic impact to local businesses and provide support to retain employees until a recovery can begin.”
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