A Step-by-Step Guide on How to Apply for an SBA Disaster Loan
If your business is struggling in the wake of COVID-19, these steps will help guide you through the application process of a SBA disaster loan.
In early March, the Small Business Administration’s disaster loan program was extended to all small businesses affected by the corona-virus. Applying is as simple as visiting the organization’s website and following these steps.
Step 1: Visit the SBA disaster loan website.
You can find a link to the website here to get started.
Step 2: Read through the site and download the application.
Take note of distinctions regarding application forms, supporting documentation forms, and home and sole proprietor loan documents.
For everything you need to know about applying for a small business loan, see the U.S. Chamber’s Small Business Loan Guide.
Step 3: Print out the application and fill it out.
Check “Economic Injury (EIDL)” on the form. You’ll have to provide information like organization type, a Federal EIN, contact information, and personal information related to business owners.
If you have questions about the application, you can call customer service at 1-800-659-2955 or send an email to [email protected].orking to bring you the best resources and information to help you navigate this challenging time. Read on for our complet
Step 4: Take note of filing requirements on page 3.
This is a list of supporting documentation that you will also need to submit with your application. The list includes documents like tax information authorization forms, tax returns, a personal financial statement, and a schedule of liabilities listing all fixed debts. Non-profit organizations have a separate list of documents to include.
It’s also important to also review the Additional Information section. While you don’t have to initially submit these documents to apply, you may be asked to provide it later on.
Read our full story on the federal government’s small business stimulus package.
Step 5: Scan your application and submit it online with your supporting documents.
If you don’t have a scanner, you can follow the instructions at the bottom of the website to mail your application. You may also be able to take a picture of the document and upload it on the site.
Once your application is submitted, a representative from the SBA will reach out to you to discuss funding options and other next steps. This may take time, especially because of an increase in applications related to COVID-19. If you want to check your applications status, you can do so by visiting the SBA disaster loan website and contacting the organization via email or phone.
For more resources from the U.S. Chamber of Commerce:
- Check out the U.S. Chamber’s Small Business Loan Guide.
- To help you manage your business through the coronavirus crisis, the U.S. Chamber of Commerce has created a toolkit for businesses and a customizable flyer for businesses to communicate their coronavirus efforts to customers.
- For more information pertaining to your specific location, you can find your local Chamber of Commerce here.
Getting a disaster loan or disaster loan assistance can be the difference between your small business surviving or not. The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters.
If you are a small businesses, non-profit organization of any size, or a U.S. agricultural business with 500 or fewer employees that have suffered substantial economic injury as a result of the Coronavirus (COVID-19) pandemic, you can apply for the COVID-19 EIDL.
This loan applies to all businesses based in any U.S. state, territory, or the District of Columbia.
Want to read more? Be sure to follow us on LinkedIn!
If you need help contact Keith at 844-888-1040 or Book Here Online !