Updated April 16, 2021, 12:00 p.m.
All new information is bolded.
State Response and Resources
- The Texas Comptroller understands the tremendous strain the pandemic and its related closures have placed on businesses throughout our state. We’re grateful that virtually all of our taxpayers are doing their best to remain in compliance with Texas tax requirements, and we want to ease this burden whenever possible.
- Franchise Taxes - To aid Texas franchise taxpayers, the due date to file and pay 2020 Texas franchise tax reports has been extended to July 15, 2020.
- Sales Taxes – For businesses struggling to pay the full amount of sales taxes, The Comptroller’s Office is offering short-term payment agreement and, in most instances, waivers of penalties and interest.
- Please visit their COVID-19 emergency response webpage for access to their online tools, tutorials, other tax service resources, and to establish 24/7 online account access with Webfile.
- In response to the impact of COVID-19 on Texas businesses, the Governor’s Office has introduced a series of small business webinars to provide the business community with timely, relevant, and actionable information on the recovery resources such as the Paycheck Protection Program, EIDL Loan Advance, SBA Express Bridge Loan, and SBA Debt Relief. More information can be found here.
- Specific requirements for Texas Licensed Child Care facilities
National Response and Resources
The following is a list of the more well-known programs providing financial assistance to businesses; however, it is recommended that businesses also check with their particular business associations (i.e. National Restaurant Association, National Retail Federation, etc.), as a variety of new grant programs have recently been established in an effort to assist businesses impacted by the COVID-19 pandemic.
COVID-19 "Business for All" Grants: To ensure "Business for All," Hello Alice with the support of Verizon, Silicon Valley Bank, Ebay and others, is offering $10,000 emergency COVID-19 "Business for All" Grants that will be immediately distributed to small businesses impacted by the pandemic. More information can be found at https://businessforall.helloalice.com/.
Paycheck Protection Program (PPP): The PPP (through the SBA and Dept. of Treasury) provides small businesses with a loan to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Small businesses and eligible nonprofit organizations, Veterans organizations, Tribal businesses described in the Small Business Act, and individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards. These loans can be forgiven if businesses maintain payroll for eight weeks at employees’ normal salary levels and use the loan proceeds for qualifying expenses. More information can be found at PPP or in the frequently asked questions document. The loan application form can be accessed here and should be submitted to a businesses’ SBA Participating Lender.
Specific to Texas businesses, Governor Abbott, Goldman Sachs, LiftFund and other community development financial institutions (CDFIs), are partnering to provide $50 million in loans to small business in Texas. Business owners can access these fund through application for a Paycheck Protection Program Loan. More information can be found online.
Economic Injury Disaster Loan (EIDL) and Loan Advance: Effective June 15, 2020, the SBA is accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications from qualified small businesses and U.S. agricultural businesses. More information can be found at EIDL.
Small Business Administration (SBA) Express Bridge Loans: The SBA Express Bridge Loan enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loan or used to bridge the gap while applying for a direct Economic Injury Disaster Loan. More information can be found at SBA Express Bridge Loans.
SBA Debt Relief: The SBA is providing a financial reprieve to small businesses during COVID-19, with the SBA paying the principal, interest, and fees of current 7(a), 504, and microloans for a period of six months. The SBA will also provide this same relief on any new 7(a), 504, and microloans issued prior to September 27, 2020. More information can be found at SBA Debt Relief.
Employee Retention Tax Credit: The Employee Retention Tax Credit (through the IRS) program provides a 50% tax credit for businesses that is applied against your portion of payroll taxes. It is for businesses that have had to partially suspend their operations and/or experienced a decline in gross receipts by more than 50% in a quarter. More information can be found at Employee Retention Tax Credit.
Main Street Lending Program: The Main Street Lending Program is available to businesses with fewer than 10,000 employees and revenue less than $2.5 billion a year (small and medium-sized businesses). Loans ranging in size from $500,000 to $25 million are available through any FDIC-insured depository institution. More information can be at Main Street Lending Program and Main Street Lending FAQ.
Federal Income Tax Filing and Payment Deadline Extension
The federal tax return filing deadline is now May 17, 2021.