SBA Loan Information
We will continue to gather and add all the information we have for SBA Loans - Check back regularly
Apply online: https://www.sba.gov/funding-programs/disaster-assistance
Per the SBA District Office, here are the links to check for updates to eligible states
The local SBA District Office has provided a list of information the SBA is requesting to process the COVID 19 Disaster Assistance Loan on their website:
FOR ALL APPLICATIONS THE FOLLOWING ITEMS MUST BE SUBMITTED:
*All of these forms are available in the Disaster Loan Application Portal.
For program questions or assistance in completing the application online, businesses can contact the SBA Customer Service Center at 1-800-659-2955.
Apply online: https://www.sba.gov/funding-programs/disaster-assistance
Per the SBA District Office, here are the links to check for updates to eligible states
- COVID-19 (SBA disaster assistance in Response to Coronavirus) https://www.sba.gov/disaster-assistance/coronavirus-covid-19
- Declarations https://disasterloan.sba.gov/ela/Declarations/Index
The local SBA District Office has provided a list of information the SBA is requesting to process the COVID 19 Disaster Assistance Loan on their website:
FOR ALL APPLICATIONS THE FOLLOWING ITEMS MUST BE SUBMITTED:
- Loan application (SBA Form 5*), completed and signed (this is electronic/online in the portal)
- Tax Information Authorization (IRS Form 4506-T*), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management
- Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available
- Personal Financial Statement (SBA Form 413*) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member
- Schedule of Liabilities listing all fixed debts (SBA Form 2202* may be used)
*All of these forms are available in the Disaster Loan Application Portal.
For program questions or assistance in completing the application online, businesses can contact the SBA Customer Service Center at 1-800-659-2955.
MEMO FROM IBERIA BANK, DATED 3/25/20 - provided by Jenny Johnson, YES Board Member
Overnight there was an agreement reached on the Coronavirus Aid, Relief, and Economic Security (CARES) Act. While we wait for the vote to take place and for the final legislative text to be released we wanted to give you a brief update on what we know.
The latest amended version of the act includes the following for the SBA:
The SBA anticipates a two week period to get guidance out to lenders on this program, but in the meantime we will collect application information from customers. Don’t hesitate to reach out to the SBA Lending Group with any questions you have. We’re here to help.
Overnight there was an agreement reached on the Coronavirus Aid, Relief, and Economic Security (CARES) Act. While we wait for the vote to take place and for the final legislative text to be released we wanted to give you a brief update on what we know.
The latest amended version of the act includes the following for the SBA:
- Nearly $300 billion in SBA 7(a) loan authority.
- Increases SBA 7(a) maximum loan size to $10 million loan and $1 million maximum for SBA Express.
- A 100% government guaranty on the full balance.
- Eligibility includes business and/or nonprofit (excluding churches, agriculture production, gambling, or sin businesses) which employ less than 500 employees.
- Funds may be used only for payroll support, employee salaries, mortgage payments, rent, utilities, and debt obligations incurred before the covered period.
The SBA anticipates a two week period to get guidance out to lenders on this program, but in the meantime we will collect application information from customers. Don’t hesitate to reach out to the SBA Lending Group with any questions you have. We’re here to help.