COVID-19 Recovery Resources

As concerns continue about coronavirus (COVID-19), the UT Permian SBDC can help you navigate available resources, answer business-related questions, and be a trusted partner for your business. Despite the impact of COVID-19, rest assured the SBDC is here to help and we value the privilege to be of service.

Our business consultants are here to help answer your questions, apply for business resources and plan during a disruption. We can help with applying for relief, guiding you through available resources, cash flow concerns, supply chain interruptions, workforce capacity, insurance coverage, and more - at zero cost.

 

 

 

NEW GUIDELINES HAVE BEEN ISSUED FOR PPP LOANS

 

First Round Updates:
 

If you returned all or part of your original PPP funds or accepted less than offered, you can request additional funds.

If your organization is a 501(c)(6), or in destination marketing, cooperative housing, or certain news industries, you are eligible to apply for PPP funds.

New uses for PPP funds including some operating expenses, property damage costs, supplier costs, and worker protection.

Second Draw Guidelines:

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. 

Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Maximum loan amount and increased assistance for accommodation and food services businesses

For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

Who qualifies? 

A borrower is generally eligible for a Second Draw PPP Loan if the borrower: 

  • Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses

  • Has no more than 300 employees; and

  • Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

How to apply

You can apply for a Second Draw PPP Loan from January 13, 2021, until March 31, 2021. SBA is currently accepting Second Draw PPP loan applications from participating lenders. Lender Match can help connect you with a lender. You can also view all lenders near you on a map. All Second Draw PPP Loans will have the same terms regardless of lender or borrower. 

 

If you wish to begin preparing your application, you can download the following PPP borrower application form to see the information that will be requested from you when you apply with a lender:

COVID-19 Economic Injury Disaster Loan (EIDL) 

In response to the Coronavirus (COVID-19) pandemic, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for an Economic Injury Disaster Loan. The EIDL program is designed to provide economic relief to businesses that are currently experiencing a temporary loss of revenue due to coronavirus (COVID-19).

Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).

Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the COVID-19 pandemic.

Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries

Looking for more information? Visit sba.gov  or contact your local SBDC center. We'll keep you updated! 

Business Super Tip of the Week!

Coronavirus Aid, Relief, and Economic Security (CARES) Act

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Small Business Development Center

1310 North FM 1788, CEED Building, Midland, TX 79707

Email: sbdc@utpb.edu

Phone: 432-552-2455

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Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.

Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance.

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