Please ensure Javascript is enabled for purposes of website accessibility

The SouthStar Bank Harker Heights ATM is currently unavailable for customer use. Click HERE to find the closest surcharge-free ATM.

To learn more about our mobile app, online banking, and more, watch our video tutorials.

EIDL: Texas Disaster Loans for COVID-19 Assistance

The Small Business Administration (SBA) is providing Economic Injury Disaster Loans (EIDL) to businesses affected by Coronavirus (COVID-19). While Texas has been added to the current declared disaster areas , this is no longer required for eligibility. Businesses in all 50 states may begin the application now.

What are Economic Injury Disaster Loans (EIDLs)?

  • Loans available through the SBA to businesses suffering substantial economic injury
    • Substantial economic injury is defined by a business’s inability to meet obligations and pay the regular operating expenses required.
  • Provide necessary working capital to help small businesses stay afloat during disasters causing temporary loss of revenue
  • The interest rates will not exceed 3.75% percent per year. Long-term payments are available (not to exceed 30 years). Repayment terms are determined by the borrower’s ability to repay the loan.
    • The interest rate is 3.75% for small businesses and 2.75% for non-profits
  • Businesses with credit available elsewhere are not eligible

What does this mean for my business?

  • The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the Coronavirus disaster not occurred
    • Loan amount is based on actual economic injury and your business’s financial needs, regardless of whether the business suffered any property damage.
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact

Who Qualifies for an EIDL Loan?

  • Small businesses and private, non-profit organizations within designated disaster areas of a state or territory – due to the current COVID-19 crisis, all 50 states are eligible
  • Businesses suffering substantial economic injury as a result of Coronavirus
  • Businesses who are unable to otherwise secure credit

How Long will EIDL Funding Take?

  • Typically, up to 4 weeks, through the three steps below.
    • Apply Online
    • Loan Processing
      • Information is verified and credit checked
      • Forecasts are completed to determine the loan amount
      • An SBA case manager will contact you to make a recommendation and discuss next steps
      • Decisions typically take 4 weeks
    • Loan Closes and Funds
      • Sign and submit loan documents
      • Initial disbursement of $25k within 5 days
    • An SBA Case Manager is assigned to assist you moving forward

How do I apply for an EIDL Loan?

  • Apply online:
  • You may also contact the SBA disaster customer service center:
  • In addition to the loan application, you will need to complete IRS Form 4506-Ts for:
    • Owner
    • Each principal that owns 20% or more
    • Each general partner or managing member
    • Each owner who owns more than 50% of an affiliate business
  • At least two years complete business tax returns with all schedules
  • Personal Financial Statement for each applicant
  • Schedule of Liabilities for all fixed debts
  • Optional: Items above plus 2 years complete financial statements
    • P&L, Balance Sheet, Cash Flow
    • Monthly revenue records for at least two years

What other loan options are available?

How is my current SBA loan affected?

  • If you have a current SBA loan, you may apply for a 6-month deferral.
    • SBA 7(a) or Express Loan – contact your current SBA lender
    • 504 Loan – contact your Certified Development Company (CDC) representative

Supporting Small Business

The SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

In addition to the government relief, our local SouthStar Bank lenders are here to support you. We can help you apply for SBA Coronavirus relief loans, including the Paycheck Protection Program, as well as other available products that could provide the financial assistance you need. Contact us to learn more: or 512.456.0035.


Alexis Michael

Senior Vice President / Regional Credit Manager / SBA Director

512.456.0035 |

NMLS# 790782

Amanda Aaron

Vice President & Branch Executive

512.456.0035 |

NMLS# 1819235

Start typing and press Enter to search