Employer SBA Loan Relief for Covid19

Depending on how hard your business has been effected by the COVD-19 (Corona Virus) this may be a lifeline.

The Small Business Administration announced they are accepting loan applications from eligible small businesses and non-profits. To apply for assistance, you can go online at disasterloan.sba.gov/ela , apply in-person at a disaster center near you, or apply by mail.

• These loans are primarily for businesses that have employees
• You may be able to borrow $25,000 to $2 million for economic injury.
• SBA will review your credit and verify your losses
• You will be required to sign a guarantee
• You should have an estimate of the amount you have lost so far and the forecasted loss over the next 6-12 months. (Review your monthly recurring bills and then multiply by 6 mos., 9 mos., or 12 mos.
• You will need your last 3 years of personal and business tax returns
• You will need a current personal financial statement and a current business financial statement
• Online application is quick and approval takes about three days, funding should take place within 2-3 weeks

We are not an SBA loan processor, however we can assist with organizing your information to facilitate the loan application. These loans are being processed directly by the Small Business Administration as opposed to banks.

Let us know how we can help.

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