San Angelo Chamber of Commerce Helping Small Businesses Stay Alive

SAN ANGELO, TX – The San Angelo Chamber of Commerce is teaming up with other economic development partners to keep small business alive during this Coronavirus lockdown.  

According to the San Angelo Chamber of Commerce, they've teamed up with the U.S Small Business Administration, Angelo State's Small Business Development Center, the City of San Angelo's Development Corporation, the Concho Valley Workforce, Discover San Angelo, Downtown San Angelo, Tom Green County, and the Concho Valley Workforce Development Board to bring together a number of resources for small businesses who are struggling through the COVID-19 pandemic. 

These resources can help businesses owners to apply for a number of loans in the COVID-19 Financial Disaster Relief Program. 

The first is the Economy Injury Disaster Loan (EIDL). This is for working capital and payroll. No collateral is required on loans under $25,000. This loan is non-forgivable but payments are required for the first 12 months. This loan can not exceed $2 million. The EIDL has a 3.75% interest for small businesses and a 2.75% interest for non-profits. Those eligible are certain small businesses, independent contractors/self employed, and certain private non-profits. 

The second type of loan is the Paycheck Protection Program (PPP). This is for payroll and approved operating expenses. No collateral is required on this loan. The loan's forgiveness will be determined after deducting loan advance from the initial amount. This loan can be 100% forgivable. This loan will be able to give small business 2.5x average monthly payroll for the prior year. No payments are required for first six months. Those eligible are certain small businesses, independent contractors/self employed, and certain private non-profits. 

The third type of loan is the Economy Injury Cash Advance. This is where small businesses can get up to $10,000, totally forgiven, for working capital and payroll. No payback is required on this loan. Those Eligible are certain small businesses, independent contractors/self employed, and certain private non-profits. 

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For more on these and other options for businesses visit the Chamber's Business Resouce Hub on the San Angelo Chamber of Commerce's Website.