SBA Disaster Loans Availability for businesses affected by COVID-19

As of 3/21/2020, the SBA has opened the SBA Disaster Loan due to COVID-19 to many states, including PA, DE, NY, NJ, CT, MA, DC, MD, VA, NC, SC, GA, and FL.
You can search for your area here - https://disasterloan.sba.gov/ela/Declarations/Index

This loan is available to businesses as “Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.” This loan has a 3.75% interest rate (2.75% for nonprofits) with a repayment term of up to 30 years.

Note that this is not a comprehensive list or instructions, but should help you prepare for your application.

Businesses will be required to provide personal and business financial information including, but not limited to:

• Ownership information including name, address, SSN, and percent of business owned
• Transcripts of personal and business tax returns for the last 2-3 years (you will be guided to complete a 4506T, which will be submitted to the IRS so that transcripts can be obtained). If you are a sole proprietor, your personal return will include the business return so only one 4506T is required.
• Personal and business asset, income, and debt information
  • Personal income includes paychecks and other income
  • Personal assets include vehicles, houses, property, etc
  • Personal debt includes secured debt like mortgages (will need mortgage balance and monthly payments) and unsecured like credit cards.
  • Business income for the current year – this should be net of expenses. We recommend ensuring your bookkeeping is updated through February so that a Profit and Loss statement can be submitted.
  • Business debt includes any debt such as loans and advances. You will need to provide the original amount of the debt, the monthly payment, the balance, and the payoff date.
• You will need to provide a profit and loss statement for your business for 2019, even if you have already filed your tax return. You may be required to provide a copy of your last filed return with all schedules included.

 
READY TO APPLY? disasterloan.sba.gov

From the
​U.S. SMALL BUSINESS ADMINISTRATION FACT SHEET – ECONOMIC INJURY DISASTER LOANS