The SBA has added financial relief for qualifying businesses under their disaster relief program. All states are not signed up and online at this point, however Missouri, our headquarter location, was recently approved on Saturday, March 21. What is included below is what we know to the best of our knowledge.
What we do know is this:
- It is a loan directly from the SBA. No banks are involved.
- Up to $2 million in loan proceeds, not sure how the amount is determined, but based on some type of working capital need.
- 30 amortization at 3.75% interest rate.
- Not for profits may also apply at 2.75% interest rates.
The following documents are required for Loan Processing:
- Business Loan Application (SBA Form 5) completed and signed by business applicant.
- IRS Form 8821/4506-T completed and signed by applicant business, each principal owning 20 percent or more of the applicant business, each general partner or managing member, and, for any owner who has a 50 percent or more ownership in an affiliate business. (Affiliates include, but are not limited to, business parents, subsidiaries, and/or businesses with common ownership or management).
- Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; or an explanation if not available.
- Personal Financial Statement (SBA Form 413 may be used) completed, signed and dated by the applicant (if a sole proprietorship), each principal owning 20 percent or more of the applicant business and each general partner or managing member.
- Schedule of liabilities listing all fixed debts (SBA Form 2202 may be used).
Additional Information That May Be Necessary To Process Your Application:
- Complete copies, including all schedules, of the most recent Federal income tax returns for each principal owning 20 percent or more of the applicant business, each general partner or managing member, and each affiliate.
- 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.
If this is a program that may be of interest, we would encourage you to begin the application process by gathering the information outlined above and completing the necessary forms.