SAN ANTONIO (March 7, 2021) - Last week, The San Antonio Hispanic Chamber of Commerce (SAHCC) hosted a virtual webinar in partnership with the U.S. Small Business Administration (SBA) to discuss economic aid funding for business owners as a response to the COVID-19 pandemic and the recent snowstorm that hit Texas a couple weeks ago.

SAHCC CEO, Marina Gonzales, met with presenter David Elizondo, a Deputy District Director for the SBA San Antonio Office, to discuss low-interest loan or grant options that are available to hard-hit small businesses, venues, and non-profits.

“Congress intended this round of COVID-19 economic aid funding to support the hardest-hit small businesses and those in underserved segments, including women, minorities and veterans.”

-David Elizondo, SBA

Elizondo discussed the provisions of the Economic Aid Act as they relate to the Paycheck Protection Program (PPP) Loan and EIDL Loan, SBA-backed debt relief, Targeted EIDL Advance Grants, and SVO Grant.

Elizondo said that recent changes have expanded PPP eligibility and how the funds can be used. The First Draw PPP loan is for eligible applicants who did not receive a PPP loan before August 9th 2020, and applicants must have been in business by February 15, 2020. Those interested in the first draw PPP loan must apply on or before March 31, 2021.

The Second Draw PPP loan is for borrowers that previously received a PPP loan, have no more than 300 employees, and suffered a 25% reduction in gross receipts. Applicants for the second draw PPP loan must submit SBA form 2483-SD when applying to their lender. To apply for PPP loan forgiveness, borrowers must go through their lender who then submit forgiveness decisions to the SBA.

There is also a program for SBA-backed Loan Debt Relief, and this is for 7(a), 504 and Microloan borrowers only. Because SBA provides this relief automatically, borrowers do not need to apply.

The COVID-19 Economic Injury Disaster Loan (EIDL) provides aid to business owners experiencing temporary loss do to covid-19 and has a deadline of December 31, 2021. There is also a new targeted EIDL Advance program, for which the SBA will reach out to those who may qualify, so no action is required until a direct email invite is received from the SBA.

There is also a Shuttered Venue Operators (SVO) Grant available for live venue operators or promoters, theatrical producers, among other entities. Some requirements are that they must have been in operation as of February 29, 2020, and must not have applied for / received a PPP loan on or after December 27, 2020.

Elizondo also shared other local resources for business owners including The San Antonio SCORE Chapter #164, Liftfund Women's Business Center, Veterans Business Outreach Center (located in Edinburg, Texas), and the South-West Texas Border SBDC Network Office.

Please visit SBA.gov/CoronavirusRelief for the full requirements for each program and the most up-to-date information about these and other COVID-19 relief options. Or, you can also reach David at 210-403-5926 or by email at David.Elizondo@sba.gov.