Small Business Administration's Disaster Business Loans
On Monday, March 16th Governor Ducey submitted an application requesting a Disaster Declaration from the Small Business Administration.
Today, the SBA approved the application, referred to as the Economic Injury Loan, that will help small businesses impacted by COVID-19.
The loans have low interest rates and may be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of COVID-19's impact. Terms are determined on a case-by-case basis.
The following items must be submitted:
- Loan application
- Tax information authorization, each principal owning 20% or more of the applicant business, each general partner or managing member; and, and for any owner who has more than 50% ownership is an affiliate business
- Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business
- Personal financial statement, each principal owning 20% or more of the applicant business, and each general partner or managing member
- Schedule of liabilities listing all fixed debts
All forms are available in the disaster loan application portal.
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