LEDC Update

This really is a unique time to be alive! It may be unnerving to some to see the steps being taken by the federal and state governments to curb the spread of COVID-19 (Coronavirus), but — speaking for myself — it gives me comfort, and I think it should for you as well. Our lawmakers are performing exactly what they were elected to do by taking this situation seriously and responding with prudent caution.

I’ve received notice from the Office of the Governor’s Economic Development division that the SBA has granted Texas an Economic Injury Disaster Loan (EIDL) assistance declaration. This declaration makes loans available statewide to small businesses and private, non-profit organizations to help mitigate the economic damage that is being experienced as a result of COVID-19.

Small businesses who believe they may be eligible for an SBA EIDL should visit the SBA’s website (https://disasterloan.sba.gov/ela/Information/Apply-Online) where they can directly apply for assistance. The online application is the fastest method to receive a decision about loan eligibility. Additionally, gov.texas.gov/business/page/coronavirus has information on Texas business-related COVID-19 resources—including a list of required documentation for the SBA Loan process.

The loans that the SBA are providing may be used for a myriad of purposes including paying fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

The interest rate on EDIL loans provided to small businesses is 3.75 percent and the terms can be set at up to 30 years with no collateral required for sums of $25,000 and less.

These loans are structured to give immediate assistance to businesses while allowing them to spread the cost over a period of time that will allow them to recover successfully.

For laborers whose employment has been affected by COVID-19, the Texas Workforce Commission is encouraging applications for benefits via their online portal (https://apps.twc.state.tx.us/UBS/security/logon.do) as well as their Telecenter at 800-939- 6631. Due to increased call and hold times with the Telecenter, they are recommending applicants utilize the web portal to handle their claim needs quickly.

For Lindenites, I encourage everyone to not let recent events curb their local shopping habits. While grocery stores may be seeing record high sales, it’s important that we don’t forget our local restaurants and eateries. Many of our downtown restaurants have begun implementing take out and curb-side options for customers.

Dining this way can help support your local businesses while also helping alleviate some of the burden that our local grocers have been shouldering recently.

As always, don’t forget to check on your loved ones as well. Phone calls, texts, and video calls are all great ways to stay connected while maintaining safe distance. While we could all just lock ourselves in our houses with our mountains of newly acquired toilet paper, I believe that this situation presents a much greater opportunity for us — an opportunity of introspection and reflection.

Life in all its forms is a maddeningly rapid chain of events that gives us little time to slow down and consider things.

This fact has become more and more evident with the amenities afforded us in the modern age. With fewer options for things to do at our disposal, perhaps we’ll be able to discover something new about ourselves.

Take this time to reach out to a friend or relative that you haven’t had time to communicate with. Go for a walk to experience nature and revel in the simple beauties that surround us and so often go unnoticed. Try your hand at a new hobby that you’ve never tried before.

This brief period of history may be remembered as a time of fear and negativity, but it can just as well represent a time of positive growth for ourselves as individuals.