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03/19/2020

COVID19 (Coronavirus) Federal Small Business Administration Small Business Disaster Loans

From the Small Business Administration (SBA):

"SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets."

Ohio small businesses and nonprofits impacted by the coronavirus (COVID19) are now eliegible for the SBA's Economic Injury Disaster Loan. From the SBA:

"Economic Injury Disaster Loans — up to $2 million* These loans are for small businesses, agricultural cooperatives, aquaculture enterprises and nonprofits affected by disaster to help meet working capital needs or normal business operating expenses through the recovery period. Businesses are eligible for these loans regardless of whether or not they have suffered property damage."


To expedite the application process, applicants should have the following documents ready: complete copies of their most recent federal income tax return and a completed and signed IRS Form 4506T, a schedule of liabilities, personal financial statement, monthly sales figures, a current year-to-date profit-and-loss statement, and a year-end profit-and-loss statement and balance sheet for that tax year if the most recent federal income tax return has not been filed.


Disaster Loans Infograph for Businesses and Nonprofits

SBA Disaster Loans Homepage

Ohio Coronavirus (COVID19) Disaster Declaration

Apply for a SBA Economic Injury Disaster Loan

 

Once an application has been submitted, the SBA will review the information and determine eligibility.

Once the SBA approves your submission, SBA will close on the loan and the cash will be deposited into your account.

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