Wick Law is committed to helping small business owners be informed during this tough time.
EMERGENCY SBA LOANS
The SBA has declared Ohio a disaster area due to the devastating impact COVID-19 is having ion small businesses in our area. Therefore, small business owners in Ohio are now permitted to electronically submit a request for an emergency loan for up to 2 million dollars with 3.75% interest. Non-profits can submit a request for the same, but with interest of 2.75%. Loans greater than $25,000 require collateral.
If you are going to apply, do it as soon as possible. There will be many applications and you need to get ahead of the tide.
Here’s how it works:
- The SBA has stated that businesses will receive an application approval/denial within three days from receipt of the application;
- If approved, the first $25,000 will be received by the business owner within 5 days;
- If approved, the balance of the loan will be received within 30 days.
What to expect when you apply:
- You will need to upload personal financial information.
- You will need to upload your most recent federal income tax returns for your business and its owners.
- If you have not filed the most recent tax return, then a year-end financial statement and a profit/loss statement will be accepted in place of a tax return.
- Sales figures and a list of debts/liabilities will be required as well.
Apply here: https://disasterloan.sba.gov/ela/
This link walks you step-by-step through the application: https://onedrive.live.com/view.aspx?resid=90968FEAEBB7300B!12786&ithint=file%2cpptx&authkey=!APqILtOy5UKHoZA
SBA Customer Service (800) 659-2955
If you are in need of help applying for an SBA loan, there is FREE HELP available. The following agencies can help with reconstructing financial records, preparing financial statements, and submitting the loan application:
- Small Business Development Centers (SBDCs)
- Women Business Centers (WBC)
- Veteran’s business outreach centers
To find the nearest office go here: https://www.sba.gov/local-assistance