The SBA is the best resource for information on COVID10 Small Business Resources. www.sba.gov/funding-programs/loans/coronavirus-relief-options We have linked direct to the application and other pieces of content based on inquiries and support information we have been experiencing inquiries on. See that we have dated some information as so many updates, make sure you are looking at most current.
SBA Economic Injury Disaster Loan available on online application, this is the only option to get the EIDL Advance of up to $10,000 which could be forgiven if used for allowed payroll/operating expenses. The application change was effective 3/30, see updates in the attached PowerPoint on EIDL4/4/20. Virutal Q&A meetings we had with SBA are listed under our submenus under our Services/COVID19 menus by date. .
CARE ACT and the PPP Loan coming available 4/3 & 4/10 – see page for details. As updates occur we have held meeting updates with SBA, the presentations or resources are linked on the meeting page.
If you have any questions, please contact SBA 1-800-659-2955 or email : firstname.lastname@example.org.
Forms area also available on SBA website SBADownloadPaperForms.
|Mail your completed Document(s) to:|
|U.S. Small Business Administration|
|Processing & Disbursement Center|
|Attn: ELA Mail Department|
|P.O. Box 156119|
|Fort Worth, TX 76155|
|Email your completed document(s) as attachments to: email@example.com|
|Any information you send to SBA via email is sent via an unsecured email link. Due to the nature of the Internet, it is possible that unsecured email could be intercepted by third parties. Attachments that you email to the SBA cannot be larger than 5MB due to the SBA’s size limitations on emails.|
|Fax your completed document(s) to: (202) 481-1505|
The following forms referenced step 1-5 were given week of 3/16 to assist those filing, mailing, or emailing. Online application is the preferred method and the only way to ask for the EIDLG (advance and possible forgiveness of advance, i.e. grant) The items below are indicated as SBA required forms for Economic Injury Loan: SBA Guidance (3/23 updates to follow):
2.IRS Form 4506-T Tax Information Authorization , 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 more 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
3. Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available. Many people haven’t filed a 2019 return and may submit annual p/l so they understand the operating expenses. Complete the Form 1368 which details monthly revenue. This optional worksheet may also help. Form additional Supporting Information.
4. SBA Form 413 Personal Financial Statement 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
5. SBA Form 2202 Schedule of Liabilities listing all fixed debts may be used)
SBA will look at:
- Repayment abilities
- Located in a declared area
- Collateral: under $25k loan, no need for collateral
- $2M limit per business, even those that have multiple locations, it will still probably be a $2M limit
- 3.75% small business interest rate; 2.75% to private non profits
- Loans considered for 30 years
- Can be paid off early with no penalties
- Loan payments deferred for 12 months
- SBA Form 5 is for businesses, SBA Form 5C. is for Sole Props
- Application will still move forward even though the applicant hasn’t uploaded rom IRS Form 4506T or tax returns. They will be needed at some point, but the application won’t get stuck if not uploaded at time of submit.
Do you have an existing SBA loan? Ask your lender or CDC about deferment options available.
Texas Workforce Commission Employer Resources for pandemic.
U.S. Senator Cornyn Pulse on Policy webinar on updates from D.C. 3/19/20 feedback from Senator Cornyn, SBA Q/A responses on the application process.
- What You Should Know (here)
- Travel Information (here)
- Preventing COVID-19 Spread in Communities (here)
- Higher Risk & Special Populations (here)
- Healthcare Professionals (here)
- Resources for Healthcare Facilities (here)
- Resources for Health Departments (here)
- Laboratories (here)
- Communication Resources (here)
Agency Resources and Hotline Contact Information: Below, please find agency-by-agency information, guidance, and contact information.
Resources – Below, please find agency-by-agency resources and guidance.
- U.S. Department of Health and Human Services (here)
- U.S. Department of Education (here)
- U.S. Department of Agriculture (here)
- U.S. Department of Labor (here)
- U.S. Department of Homeland Security (here)
- U.S. Department of State (here)
- U.S. Department of Veterans Affairs (here)
- U.S. Environmental Protection Agency (here)
- U.S. Small Business Administration (here)
- Centers for Medicare and Medicaid (here)
Contact us SBDC’s for assistance to navigate the changes.
The Disaster Loan Application Portal was (looking for this)at https://disasterloan.sba.gov/ela/.