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SBA Loans Available for Disaster Assistance

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For small business owners, this post has important information for these challenging times. This information may also be valuable to a family member or friend.

The U.S. Small Business Administration (SBA) is offering designated states and territories (which include Virginia) low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). To help you determine if you qualify for this type of emergency low-cost funding, and to assist you with the application process, we have included the SBA handout and FAQ links below to help summarize some key points for you.

https://www.sba.gov/disaster-assistance/coronavirus-covid-19

https://ucmcpas.com/wp-content/uploads/2020/03/SBA-Economic-Injury-Disaster-Loan-Assistance-FAQs-003.pdf

Please note: The application process is live. If applying, please be sure to follow the attached FAQs. Only pick EIDL (ECONOMIC INJURY DISASTER LOAN) in the check boxes and the COVID19. If anything else is picked, the application process may be delayed.

ITEMS THAT MUST BE SUBMITTED
• Loan application (SBA Form 5), completed and signed
• Tax Information Authorization (IRS Form 4506T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has greater than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management
• Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; an explanation if not available
• Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member
• Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used)

Please do not hesitate to contact us if you have any questions.

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