SBA Disaster Relief Loans

To apply you must have less than 500 employees and be directly impacted by COVID-19

Loan Approval Criteria:

• Credit History
• SBA to determine you can repay once over
• The Business Must have Suffered working capital losses due to the declared disaster

How Much Can You Borrow:

• Up to $2 million
• Interest Rates are 3.75% with terms up to 30 years

Can be Used for the following:

• These working capital loans may be used to pay fixed debts, payroll and other bills that could have been paid had the disaster not occurred.  They can not be used for expansion or to pay down long term debt.

What is needed to apply:

• Completed loan application (SBA form 5)
• Tax information authorization (IRS form 4506T) for the applicant, the principals, and the affiliates.
• Complete copies of the most recent Federal Income Tax Return
• Schedule of liabilities (SBA form 2202)
• Personal financial statement (SBA form 413)
• Income, balance sheet, and cash flow documents
• Other information as requested

Other information that may be requested:

• Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing members, and affiliates (see filing requirements for more information)
• If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year
• A current year-to-date profit-and-loss statement
• Additional Filing Requirements (SBA Form 1368) providing monthly sales figures (This is especially important for Economic Injury Disaster Loans)