Texas News: we will Support Artisan Producers and Small Businesses During This Month to help to meet coronavirus challenges

The Small Business Administration will now provide aid to small businesses in forms of loans that owners can apply for through the Economic Injury Disaster Loan and the Paycheck Protection Program loan after President Trump signed a second round of funding from the Cares Act which will provide approximately $320 billion dollars from the PPP Loan, along with an additional $60 billion from the EIDL all from the Federal Reserve that will go to small businesses around the country. And small businesses around the Permian Basin will be able to apply for these loans as soon as Monday.

“The EIDL loan is used more for operating expenses,” Midessa Managing Partner Enrique Romero said. “No documentation needed, a lot more flexibility and usage of funds. And then there’s the one that everyone knows which is the PPP loan which is mainly used for payroll so people use it correctly and can become a forgivable loan.

Intuit, Square, and Paypal are the newest options to utilize in applying for these loans in the second wave,” Romero said. “The interest rate on these loans are 3.75%, 2.75% for non profits, and businesses who have credit elsewhere are not eligible for either loan. Owners can apply for the Paycheck Protection Program loan through a bank and SBA.

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