The Small Business Administration (SBA) is mobilizing to respond to the growing economic impact that COVID-19 is having on small businesses by offering SMB loans with low interest rates.

Small business owners in all U.S. states that have been impacted by COVID-19 are currently eligible to apply for a low-interest loan. Applicants are encouraged to apply online for disaster loans from the SBA’s website or can call the SBA at 1-800-659-2955 for assistance.

The SBA’s Economic Injury Disaster Loan program provides small business with working capital loans of up to $2 million, and we encourage any of our clients to apply if their business has been negatively affected by this crisis.

In addition to the application, the following financial/accounting data and information will LIKELY be required.  Please see the checklist of documents required for the loan application, you will be able to upload them into the SBA Disaster website.

Get a HEAD START on the Process:

  • IRS Form 4506-T
  • Personal Finance Statement (SBA Form 413)
  • Schedule of Liabilities & Fixed Assets (SBA Form 2202)
  • Monthly Sales (SBA Form 1368)
  • If applicable, Disaster Home/Sole Proprietor Loan Application (SBA Form 5c)
  • Corporate governance documents; e.g., Articles of Incorporation, Article of Organization, or Registration of Sole Proprietorship
  • Written narrative statement justifying the nature and scope of economic injury and how/why nature of business was adversely impacted by the Coronavirus (one page/no more than two), such loss of revenues, cancelled contracts, interrupted supply chain, etc.
  • Current Accounts Payable and Accounts Receivable Aging as a of date of filing for the loan
  • Three (3) years’ 1040 Federal Income Tax Returns for the business & owners
  • Three (3) years’ company FYE Income Statement and Balance Sheet and latest YTD Financial Statements (Company prepared)
  • Company and Owners’ Debt Schedule Tables [e.g., Lender, original loan amt., date, current balance, interest rate (F or V?), collateral, purpose of loan, guarantors, status, (e.g., current or past due with explanation) per row in table]
  • Monthly (reasonably detailed) two (2) years cash flow projections
  • Three (3) years’ Monthly Sales History up to date of filing for loan
  • Current copies of owners’ credit reports from the three (3) credit bureaus with explanations for any negative reports
  • Owners’ Personal Financial Statements (SBA Form 413)
  • SBA Forms of Personal History for all Owners, Co-owners & Principals 20% or more of the small business


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Written by: Matthew Muriel

Meet Matthew! Matthew is our content writer and has been working with us for a year. He enjoys working for SolveHR because it allows him to practice his copywriting and allows him to build experience in his fledgling career. Matthew studied at the University of Texas at San Antonio and earned his degree in English with a concentration in Professional Writing. He values learning new processes in the HR industry and then conveying those ideas to the company’s clients. When he isn’t working, he enjoys reading nonfiction, with his favorite book that he recently read being The Gene by Siddhartha Mukherjee. If he could go anywhere in the world he would travel across the United States and visit all of the national parks.

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