SBA’s Economic Injury Disaster Loan
Which businesses are excluded? Businesses primarily engaged in lending, speculation or investment, gambling activities, loan packaging, religious teaching, political or lobbying activities. A business may also be disqualified if a principal is incarcerated, convicted of certain felonies, delinquent on child support payments, etc.
What is being offered? Loan up to $2,000,000 with 3.75% interest (2.75% for nonprofits) with flexile long-term repayment plans of up to 30 years.
- Begin documenting the economic impact that COVID-19 has had on your business (be as detailed as possible);
- Assemble the following documents:
- Tax returns for 2018 and 2019 for your business;
- Tax returns for 2018 (and 2019 if filed) for all owners of 20% or more of your business;
- Basic financial statements for your business for 2019 and prior;
- Basic financial statements for your business year to date;
- Basic financial statements for all owners of 20% or more of your business for 2019;
- Credit information for all owners of 20% or more of your business; and
- Current debt obligations for the business and any existing liens.
COVID-19 CORPORATE & SECURITIES
CORPORATE & SECURITIES