4/27/2020: Governor Abbott Issues Executive Order to Reopen Texas that allows restaurants, retailers, malls and theaters to reopen on May 1 at 25% capacity. Museums and libraries can also reopen at 25% capacity, but hands-on/interactive exhibits must remain closed. Barbers, salons, bars and gyms must remain closed. Read the plan.
4/17/2020: Governor Abbott Issues Executive Order Establishing Strike Force To Open Texas. He also issued orders that:
On Monday, 4/14/2020 Governor Abbott announced forgivable loans for small businesses in Texas.
On March 27, the federal CARES Act was signed into law, providing over $2.2 trillion in federal stimulus spending to aid the U.S. economy. One of the most important aspects is the Paycheck Protection Program (PPP).
How to Apply: these loans will be available through SBA-approved private lenders beginning 4/3/2020. See the following for details on what is needed, application and loan calculator.
Locally, American National Bank and Texas Bank & Trust are approved lenders. Below are links to three items provided by ANB for the loan process.
There is also an employee retention tax credit available as part of the CARES Act. Read the U.S. Chamber's Guide for Impacted Businesses.
On 3/20/2020, Governor Abbott announced that the U.S. Small Business Administration (SBA) has now granted Texas’ Economic Injury Disaster Loan (EIDL) assistance declaration, making loans available statewide to small businesses and private, non-profit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19).
Next Steps: Small businesses who believe they may be eligible for an SBA EIDL should visit the SBA’s website where they can directly apply for assistance. The online application is the fastest method to receive a decision about loan eligibility.
On April 9, 2020, the Federal Reserve announced the creation of a Main Street Business Lending Program. The program will support small and mid-sized businesses that were in good financial standing before the public health crisis. This facility will ensure credit flows to small and mid-sized businesses that may not have been supported through the Paycheck Protection Program or the Fed’s other lending facilities.
Status of the stimulus bills: