How Do I Apply for a COVID-19 Relief Loan?
Resources & Requirements
Good news: The Small Business Administration has opened up a way to apply online for a Disaster Relief Loans (“EIDL”) directly from the SBA.
- Please note, these loans are not processed through a bank, but directly administered by the SBA and can be used to cover operating expenses for companies directly affected by the COVID-19 pandemic.
- They cannot be used to refinance existing loans (SBA, conventional, equipment, real estate, or shareholder loans), purchase equipment, purchase real estate, leasehold improvements, or shareholder distributions.
- The loan proceeds must be used exclusively for working capital to cover operating expenses due to lost revenue associated with the COVID Pandemic.
Read more here directly on the SBA Website:
In addition, we are providing you a link to the SBA Forms that will aid you in the online application process. Click Here.
We highly recommend completing these forms before starting on EIDL application online. This will ensure that the application is completed in its entirety, which will speed up the application process with SBA.
IMPORTANT: All incomplete applications will be screened out by the SBA and will be required to start over again, thus slowing down the process. So make sure you follow each step carefully.
In addition, you should have the following financial information in a PDF format at your disposal:
- Personal Tax Returns for 2016-2019, including ALL pages.
- If 2019 has not been filed yet, provide ALL 2019 W2’s, including spouse.
- Company Tax Returns for 2016-2019, including ALL pages.
- If 2019 has not been filed yet, provide a 2019 year end Balance Sheet and Profit & Loss Statement.
- Balance Sheet as of February 29, 2020.
- Year to date Profit & Loss Statement, with previous year comparison, through February 29, 2020.
*At this time the SBA and the government have been updating the rules and requirements on a weekly basis. This is a fluid process so we recommend you check with your lender and SBA website for most up to date information.
Got more questions? Contact Viking Mergers
Read More: What the SBA Wants you to know about COVID-19 relief loans
