Title: Step-By-Step Guide to Apply and Get Approved For an SBA COVID-19 Disaster Loan
Headings: Step-By-Step Guide to Apply and Get Approved For an SBA COVID-19 Disaster Loan
(14 min read
2814
)
Step-By-Step Guide to Apply and Get Approved For an SBA COVID-19 Disaster Loan
IMPORTANT:
For those who prefer to watch, rather than read...
What is a COVID-19 Disaster Loan?
This loan has special benefits including:
You can use the loan to pay:
Where to Apply for a COVID-19 Disaster Loan
--------------
>>>>>Click HERE to Apply Online<<<<<
If the SBA Portal is offline, go here
https://www.sba.gov/disaster/apply-for-disaster-loan/index.html
Complete + Email/Mail/Upload
FAQ: How do I fill out Form 413D, the personal financial statement?
--------------
Call the SBA: 800-659-2955
Mail Completed Application:
SBA COVID-19 Disaster Loan Limits
Prohibited Businesses
>>>>>A complete list of prohibited businesses is located here.<<<<<
SBA COVID-19 Disaster Loan Checklist
Disaster Business Loan Application- SBA Form 5
Click to View the SBA Form 5 Online
Personal Financial Statement- SBA Form 413
Click to View the SBA Form 413 Online
Schedule of Liabilities- SBA Form 2202
Click to View the SBA Form 2202 Online
Economic Injury Disaster Loan Supporting Information - Form P-019
Click to View the SBA Form P-019 Online
SBA Size Standard Tools
Request for Transcript- 4506-T
Click to View the SBA Form 4506-T Online
How to Prepare to Apply for a Disaster Loan
How is the SBA Disaster Loan Funded?
SBA Resources
>>>>>Download the SBA COVID-19 Loan Guide written by the SBA <<<<<
Call the SBA: 800-659-2955
Mail Completed Application:
Need Help Completing the Application?
Need help from a Small Business Superhero?
[Coming Soon] FREE E-COMMERCE SALES TAX GUIDE

Content: US Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
SBA COVID-19 Disaster Loan Limits
The SBA has set the loan limits as $25,000 (no collateral) to $2,000,000 (with collateral) with a maximum rate of 3.75% for For-Profit businesses. If your business is a major source of employment in your area, the SBA has the authority to waive the $2 Million limit, but this will be reviewed on a case-by-case basis. Also, the SBA may not deny a larger loan even if you do not have collateral- apply and work with an SBA rep to see what your business may qualify for. Typically your loan will be based on your operating expenses and you may be able to qualify for up to 6 months of operating expenses as your loan amount. This will be reviewed on a case-by-case basis and will depend on: Credit Worthiness- Since the SBA guarantees loans, they want to be sure that you can pay this back
Ability to Pay- Once the dust settles, will your business be able to support repayment
Eligibility- The applicant business must be physically located in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons. If you do not already have your financials prepared, you will want to take care of this before you apply as this will be part of the application process. Prohibited Businesses
Typically the following businesses are prohibited from receiving SBA disaster funds: Any business where gambling is >⅓ of Annual Gross Revenue
Casinos and Racetracks where main purposes is gambling
Sexually Oriented Businesses
Pawn Shops if >50% of revenue is derived from interest
Religious Organizations
Investment/Lending Companies
Charitable Non-Profits (Private Non-Profits are allowed)
Speculative Activities
Agricultural Enterprises (covered by Dept of Agriculture)
Cannabis companies
>>>>>A complete list of prohibited businesses is located here. <<<<<
SBA COVID-19 Disaster Loan Checklist
The SBA recommends prospective applicants assemble their documents required for the loan application, allowing them to more quickly move through the loan review and approval process.