Austin Workshop To Explore Coronavirus-Spurred Financial Aid

Christel Deskins

AUSTIN, TX — The City of Austin Economic Development Department and the U.S. Small Business Administration San Antonio District Office on Friday announced an upcoming, free virtual workshop on federal financial resources for businesses, non-profits, and self-employed individuals impacted by thecoronavirus pandemic. Topics will include recent revisions to the Paycheck […]

AUSTIN, TX — The City of Austin Economic Development Department and the U.S. Small Business Administration San Antonio District Office on Friday announced an upcoming, free virtual workshop on federal financial resources for businesses, non-profits, and self-employed individuals impacted by thecoronavirus pandemic.

Topics will include recent revisions to the Paycheck Protection Program and the Economic Injury Disaster Loan Program, along with an opportunity to ask questions on program eligibility. The hour-long virtual workshop is scheduled for Thursday, July 23, at 3 p.m.

“A recent survey we commissioned with the Austin Chamber showed that the COVID-19 pandemic continues to have severe financial impacts for many small businesses and self-employed individuals in our city,” Veronica Briseño, chief economic recovery officer for the City of Austin, said in a prepared statement. “That is why we asked the federal Small Business Administration to host this virtual workshop. We want to make sure our local employers and entrepreneurs can take full advantage of every federal and local disaster relief program during this unprecedented time.”

Register for the free online SBA Federal Financial Resources Workshop

Some backgound: On March 27, 2020, the CARES Act was signed into law, offering $376 billion in relief for American workers and small businesses facing economic disruption. Economic Injury Disaster Loan (EIDL) low-interest loans can be used to cover a wide array of working capital and normal operating expenses, such as continuation to health care benefits, rent, utilities, and fixed debt payments.

The Small Business Administration resumed accepting new Economic Injury Disaster Loan applications on June 15 to all qualified small businesses. Additionally, the Paycheck Protection Program (PPP) resumed accepting applications July 6, 2020 in response to the program’s extension legislation.

The new deadline to apply for a Paycheck Protection Program loan is Aug. 8.

COVID-19 Business Impact Survey

Commissioned by the City of Austin and the Austin Chamber of Commerce, the University of Houston Hobby School of Public Affairs conducted an online survey of Austin area businesses to better understand the impact of the COVID-19 pandemic in Austin. The survey identified several industries where more than a third of businesses would not be able to last longer than four months under the current conditions — including businesses in the live music, restaurant and bar, hospitality services, retail, arts, entertainment, recreation, and health care industries.

Financial support for these industries through the pandemic will be critical for Austin’s economy to rebound, officials emphasized.

Read the full report of results for the COVID-19 Pandemic & Austin Businesses: Impact, Reaction, & Survival online

About the City of Austin Economic Development Department

The city department supports business growth, creative industries, and local communities. These programs build an equitable, sustainable economy to improve the lives of all Austin residents. To learn more about helpful resources, visit www.austintexas.gov/edd and follow on follow @econvitalityatx on Twitter.

This article originally appeared on the Austin Patch

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