SBA Disaster Loan-Helpful Tips

Your Chamber office may be closed but we are still working for YOU. Please remember to visit our website where the most up to date information on COVID-19 resources are being shared daily. You can continue to stay in touch by calling 419-734-5503 (all calls are being directed to the President’s cell phone) , emailing or visiting our Facebook page.  Below is an email that was shared with me by a local banker-one of her clients has applied for the SBA Disaster Loan and put together some helpful tips.
 
Stay safe and stay healthy,
Nicole
 
 
“Last night at about 10pm I was finally able to get through the application process for the disaster loan.  From start to finish it took about 2 hours.  The reason it took as long as it did was because after each question of the application I had to wait at least a minute.  As far as the questions, most was very basic and I think that most will be able to complete on their own without too much trouble.  All of the forms are filled out during the process so the personal financial statement, 4506-t and statement of liabilities does not need to be filled out ahead of time.  I would suggest the applicant have the following items handy when filling out the application:

• Business name (spelling) exactly as it is filed on the tax return
• EIN
• For those with 20% or great ownership
  • List of personal assets and liabilities (including current balances and monthly payment)
• Current business debt schedule
• Most recent 12 month gross revenues (prior to impacts from COVID-19)
• Most recent 12 month  cost of goods sold (prior to COVID-19)

 
I have been receiving several questions about how does an applicant know how much to apply for? 
 The applicant does not request a specific amount.  Once the SBA reviews the application they will make a determination of how much the business can repay.  If the amount approved is less than borrower desires they   can appeal for a higher amount.
 
My last bit of what I picked up on so far:

• need to be in business for a minimum of 1 year”