Hello friend, here at ThinkSBA we believe small businesses are the lifeblood of our economy. Unfortunately, many small businesses have been adversely affected by recent events.
That’s why I want to make you aware of an announcement made by the SBA that small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19), may qualify for low-interest federal disaster loans for working capital.
Click the links below to be taken directly to SBA resources for more information how you or your clients may qualify to receive these funds.
Trusted advisors, please advise your clients to contact the SBA directly via the designated email address or toll-free phone number located at the bottom of the page.
All My Best,
SBA Disaster Assistance Loan Details
- Loans up to $2,000,000
- 3.75% fixed interest rate on loans to for-profit companies
- 2.75% fixed interest rate on loans to non-profits
- Up to 30-year term and amortization (determined on case-by-case basis)
- Financing to be used for working capital and more
SBA Disaster Loan Paper Applications
- Loan Application – Important: Follow Instructions On Page 3 of Application
- Personal Financial Statement (SBA Form 413)
- IRS 4506-T
- Estimated Disaster Economic Injury Worksheet
- Business Schedule of Liabilities (SB Form 2202)
Important: The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.
SBA Disaster Assistance Resources
- SBA Disaster Assistance to Business Regional Declarations
- Online Disaster Loan Registration / Application
- Press Release Thursday, March 12, 2020
Loan Application Best Practices
- First gather the following information below to complete the Loan Application:
- Business Entity Documents & EIN Filing (SS-4) Form
- Most Recent Filed Business Tax Return
- Business & Personal Bank Statements
- Personal Retirement & Non-Retirement Brokerage Statements
- Business & Personal Insurance Documents
- The SBA has provided some guidance and unilateral authority to CDCs where each is to make their own assessment and decide whether or not to grant a deferral. For deferrals, the borrower needs to contact their CDC. Currently, the deferral may be provided for up to 6 months (of payments).
SBA COVID-19 Customer Service Center Phone & Email
Last Updated: 3-25-2020 / 9:00 PST
Notice: This website is not affiliated with the Federal Small Business Administration or the Centers For Disease Control. Information provided on this page is to be used only for the public good.