How can I obtain a small business loan from the government?
The U.S. Small Business Administration (SBA) is offering loans for qualifying small businesses. These are low-interest (3.75% for small businesses and 2.75% for nonprofits) loans with terms potentially as long as 30 years. You can apply for an SBA loan through its website. Be prepared to provide the following information:
- Tax Information Authorization (IRS Form 4506T), completed and signed by each principal or owner
- Recent federal income tax returns
- Personal Financial Statement (SBA Form 413)
- Schedule of Liabilities listing all fixed debts (SBA Form 2202)
You may also need to provide profit and loss statements, recent tax returns and balance sheets.
After you apply, the SBA will review your credit before conducting its own inspection to verify your losses. The SBA says its goal is to arrive at a decision on any disaster loans within two to three weeks. If it determines you are eligible, it will send you a loan closing document for your signature.
Ways to submit application for a SBA loan other than the online portal:
Here is a dropbox type link:
U.S. SBA Processing & Distributions Center
14925 Kingsport Rd.
Ft. Worth, TX 76155-2243
Make sure the application number is clearly marked on everything and is in the subject line.
How can employees collect unemployment assistance?
If your business is closed because of COVID-19 and your employees cannot work from home, or your employees are unable to work due to the disease or need to take care of someone who has it, they can likely collect unemployment. As each state administers a separate unemployment insurance program, employees should be told to visit their state’s unemployment insurance website, which will provide the relevant details regarding their individual programs. The information employees will need includes their Social Security number and driver’s license or state ID.