COVID-19 Designated as Qualifying Event for Small Business Association Economic Injury Disaster Loan
Economic Injury Worksheet Available on City of Denton Website
DENTON, TX, March 17, 2020 – The Small Business Association (SBA) has designated COVID-19 as a qualifying event for the provision of Economic Injury Disaster Loans (EIDL) for businesses and private nonprofits in affected communities that have sustained substantial economic injury. Qualification for the loan is triggered when a business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster.
The Economic Injury Worksheet (EIW) is a document that small businesses and private nonprofits can complete and submit to the City of Denton. The City will compile the EIWs and submit them to the Texas Department of Emergency Management (TDEM). While this will not guarantee any funds to any specific business, it will aid the State of Texas in obtaining economic injury declaration in support of COVID-19, which may qualify businesses and private nonprofits as applicants for Federal or State assistance in the future.
Once five submitted worksheets are validated by the SBA, the Texas Governor may request the SBA Economic Injury Disaster Declaration. A county will be included in this declaration if it has at least one qualifying EIW or the county is contiguous to another qualified declared county. Additional counties may be included in a declaration by TDEM after it is received.
Contact: Jessica Rogers, (940) 349-7531, Jessica.Rogers@cityofdenton.com