The Small Business Administration (SBA) has expanded its Economic Injury Disaster Loan program to provide working capital loans of up to $2 million to give much needed economic relief and support to small businesses across the country. To learn how you can apply for a loan keep reading and if you have any questions please reach out to your adviser at TBC to help you through the process.
How Can I Apply?
Here are the steps to apply for an SBA Loan:
- Review if you are in an eligible disaster area by visiting: https://disasterloan.sba.gov/ela/Declarations/Index
a. All counties within New York State are considered disaster areas. Furthermore the SBA has declared all small business owners in all U.S. states, Washington D.C. and territories as eligible for a loan.
- You can apply online by visiting: https://disasterloan.sba.gov/apply-for-disaster-loan/index.html
b. The website will guide you through the process. You will need to download and fill out multiple forms (see more information below).
- Check your Application Status by calling the following number 1-800-659-2955 or by emailing: [email protected]
After you have applied for your SBA Loan, a loan officer from the SBA will contact you with any additional information needed to process your loan.
What do I need?
- Disaster loan application (SBA Form 5)
- This form is where you will provide your business information, ownership information, along with estimated loss due to COVID-19, and your insurance information.
- Tax Information Authorization (IRS Form 4506T)
- This form authorizes the IRS to share your tax information with the SBA. It must be signed by the SBA applicant or more than 20% of the owners of each business.
- Complete copies of your most recent Federal Income Tax Returns
- Personal Financial Statement (SBA Form 413)
- You must provide this signed personal financial statement to the SBA. It must be filled out by the applicant and/or more than 20% owners of the applicant business.
- Schedule of Liabilities (SBA Form 413)
- You must list all liabilities of the applicant and it must be signed by the applicant or more than 20% owner of the business.
- Additional information that may be requested:
- Personal tax returns of more than 20% owners of business.
- A current year-to-date profit and loss statement as well as previous year end.
- SBA Form 1368 providing monthly sales figures for the previous three years.
How can TBC help?
TBC can assist you in preparation of your loan application and the organization of information by:
- Gathering past and current tax returns
- Gathering and/or preparing business financial statements
- Compiling personal financial statements
- Assisting with income and sales projections
Disclaimer: This post was current as of the date of posting. Any changes made to the law or regulations since original posting has not been incorporated. Please view the recent postings for current information or contact us directly with any questions.