Has your business been hit by the COVID-19 (Coronavirus)?
If yes, then an SBA Disaster Loan may be the answer you’ve been looking for.
The Small Business Administration just announced they are accepting loan applications from eligible small businesses and non-profits. To apply for this assistance, you can go online at https://disasterloanassistance.sba.gov/ela/s/, apply in-person at a disaster center near you, or apply by mail.
- You may borrow up to $2 million for economic injury.
- SBA will review your credit and verify your losses
- You should have an estimation of the amount you have lost so far and the forecasted loss over the next 6-12 months. (Take a look at your monthly payables and then multiply by 6 mos., 9 mos., or 12 mos.
- You will need your last 3 years personal and business tax returns
- You will need a current personal financial statement and a current business financial statement
- These loans are mainly for businesses that have employees
- Online approval is quick and once approved, funding should take place within 2-3 weeks
- These loans will require personal guarantees
While we are not an SBA loan processor, we thought this information was important to share with you. We are here to assist you and your business as you walk through these challenging times. If a loan is not the answer, remember, we offer Profit Planning services to help you take control of your cash flow.
Reach out to us at (208) 687-0508.