CORONAVIRUS UPDATE - DISASTER LOAN ASSSITANCE

Affected small business owners and non-profit organizations may be eligible for Economic Injury Disaster Loans (EIDLs) administered by the U.S. Small Business Administration (SBA).
Similar to many federal loans, the application process and additional document/information request can seem like an insurmountable feat to accomplish, however, we are here to help make this as easy of a process as possible and to help ensure that you receive the appropriate funds needed.With an eventual finite amount of resources to funds these loans, time to act is key, so please feel free to call or email so we can help you begin the loan application process and begin working on the additional documents that will potentially be requested by the SBA.

Key Points

  • Application Filing Deadline – December 18, 2020
  • Purpose – working capital loans to meet ordinary and necessary financial obligations and to assist through the disaster recovery period.
  • Loan Amount – up to $2,000,000 (as determined by the SBA)
  • Loan Terms – up to a maximum 30 years (as determined by the SBA)
  • Interest Rate – maximum 3.75% fixed for life of loan
  • Restrictions and Refinancing
    • Noncompliance – small businesses with previous SBA loan non-compliance (including not maintaining proper flood/hazard insurance) may not be eligible.
    • The EIDLs cannot be used to refinance long term debts.

 

Pertinent Documents

  • For ALL Applications
    • SBA Form 5 – U.S. Small Business Administration Disaster Business Loan Application
    • Federal Form 4506-T – “Disaster Request for Transcript of Tax Return”
      • For each applicant and various other related individuals.
    • Complete copies of most recent Federal income tax return for applicant business
    • SBA Form 413D – Personal Financial Statement Disaster Programs
      • From each applicant and various other related individuals. 
    • SBA Form 2202 – Schedule of Liabilities
  • Additional Information That May be Requested
    • Complete copies of most recent Federal income tax return
      • For each applicant and various other related individuals.
    • Current year-to-date Profit & Loss Statement
    • SBA Form 1368 – Additional Filing Requirements for EIDL
      • Three years of monthly sales figures and financial forecast

 

How to File

 

First Step

  • Contact our office with questions or request for assistance.
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