SBA Disaster Loan Requirements
Wondering what the SBA disaster loan requirements are for the coronavirus?
SBA disaster loan requirements include:
According to DistasterLoanAssistance page on SBA, “After a Presidential disaster declaration, you must first register with the Federal Emergency Management Agency (FEMA). To obtain a registration number, call FEMA at 1-800-621-3362 (TTY: 1-800-462-7585) or visit DisasterAssistance.gov.”
SBA Disaster Loan Requirements
- Contact info for everyone on the application
- Social security number of everyone on application
- Registration number (FEMA)
- Lease or deed information
- Insurance info
- Financial info (e.g. account balances, income, monthly expenses)
- EIN (Employer Identification Number) for business applicants
According to SBA, “Small business owners in all U.S. states, Washington D.C., and territories are currently eligible to apply for a long-term, low-interest loan due to Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.”
Declared Distaster Location
To get qualified for a SBA disaster loan your business must operated within a declared disaster location. Check here for SBA declared disaster zones.
Credit Score
To qualify you will need to pass a credit check. If you do not have good credit, the SBA will consider other factors such as income, rental history, etc.
Ability to Repay
The SBA considers your ability to repay the loan back in full.
Form of Collateral
If you are applying for a loan of more than $25,000, SBA might require collateral to complete your loan process.
SBA Distaster Loans May Require Less Documentation
SBA disaster loans might require less documentation. According to JCK most SBA loan applicants might have to fill out only three documents:
- (SBA Form 5) Business loan application ;
- IRS Form 4506-T, which lists a managing members and business’s owners; and a personal financial statement
- And (SBA Form 413) completed, signed, and dated by the applicant as well as each principal and managing member of the business.
Why You Need Professional Help to Fill Out The App
Navigating the federal loan application process is complex, tedious and prone to user error.
Save yourself time and increase your chances of getting money by hiring experienced lawyers to handle your entire application.
The lawyers at Canterbury Law Group will handle your entire file from start to finish for a fair, fixed fee.
Call now to become one of the nation’s first federally rescued businesses. Call the firm at 480-744-7711 or [email protected]
Why Reinvent the wheel? The licensed attorneys at Canterbury Law Group have already perfected the means by which your company can timely obtain your share of the federal rescue dollars. Time is money, and by hiring Canterbury Law Group, you assure your application will be done on time, and correctly.
Contact Canterbury Law Group today to get help processing your application correctly. [email protected] or 480-744-7711
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