startxref 0000013526 00000 n 0000215748 00000 n 0000653204 00000 n No. If you received a U.S. Small Business Administration (SBA) Economic Injury Disaster Loan (EIDL) between January 31, 2020 and April 2, 2020 you may be able to use your PPP loan to refinance the EIDL loan as follows: If the EIDL loan was used for purposes other than payroll, you may, but are not required to refinance the EIDL loan with the PPP loan. The interest rate is 3.75% for small businesses and the interest rate for nonprofits is 2.75%. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. 0000347852 00000 n As of April 2, owners will not have to provide documentation of how EIDL funds were spent (unless audited by IRS), but this could change. 0000113462 00000 n Please do not send sensitive information via email to any address that does not end in @sba.gov. Further, SBA offers loans with long-term repayments to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. As much as possible, applications and processing is being done online/virtually. You can request no-cost assistance from the Wisconsin SBDC in the process. Yes. 0000363330 00000 n Once we receive your signed Loan Closing Documents, an initial disbursement will be If you apply for an SBA disaster loan and it is denied, you can apply for a reconsideration. The SBA highly recommends using the online loan application, which can be found at https://disasterloan.sba.gov/ela/.Small businesses will also need the following: For those with limited web/online capabilities, paper forms can be found at https://disasterloan.sba.gov/ela/Information/PaperForms. 0000601406 00000 n You will be assigned a case manager who will help you meet the loan conditions and schedule future disbursements. This verification indicates the application was received. 0000558885 00000 n 0000602175 00000 n SBA Disaster Business Loan Application (paper forms) ... SBA Form 2202 Schedule of Liabilities. 0000586453 00000 n The SBA anticipates the money will be distributed 3 days after that three-week loan officer review and approval period.Loan process: https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf. It may take several weeks before all emails are sent to businesses in the first priority group so please do not be alarmed if you do not receive your email invite right away. 188 0 obj <> endobj Borrowers may be eligible for loan forgiveness if at least 60% of funds were used for payroll costs, payments on business mortgage interest payments, rent, or utilities during either the 8- or 24-week period after disbursement. A primary one is that a small business has to show a loss effective January 31, 2020, to now and/or in the future, as compared to 2019 financials. 0000014883 00000 n 0000013349 00000 n The applicant will have up to 6 months to reactivate their loan that was approved. Disaster Loan Assistance. SBA will look at the last three years historical to determine what the business could have paid if the disaster would not have occurred. The SBA will provide approved applicants with an initial disbursement of $25,000 within five days of receiving the signed loan closing documents. h�b```e`��f`g`�?� € "l@Q�9�t For more, read the full FAQ on applications and eligibility. Download contact information here. 0000559138 00000 n endstream endobj 209 0 obj [236 0 R] endobj 210 0 obj <> endobj 211 0 obj <>stream The SBA highly recommends using the online loan application, which can be found at https://disasterloan.sba.gov/ela/. �,)j��D���m:����%f�X�d�#"���H �e7=]PJ������@ݞ�}�f�qWӱǯͯP�U~.� ��M-N�U ������gS)��:���OL����oN���!Q[;�>,:�!��>z�#��{ $a�cE�.�8�$�T�х��Ƭ�&d=�A������ul�{��!Uxԯ0�%���u8��jzȁ�R�L������3\�R:�b7w�I.D�Ie\�S �jP9��`I�J�X�6��S�6����A�e�$���tl��ӟ�LƤ�[y����\�I*��S5H˵9`�5yL�_R4cҖ�ف鸉��F���2�ʛ~�C����@M�N]��q2y���©�U_����&��訑}�]�� 0000114379 00000 n 0000113673 00000 n It is funded in part through a Cooperative Agreement with the U.S. Small Business Administration. 0000560703 00000 n (�3aR#���DmW�Yk�v��Dĝ���e K�����\�l3�1�x���@gdx� � ��i � %PDF-1.4 %���� 0000603717 00000 n EIDL applications submitted March 30 or later received a verification number upon submission of the application. 0000004583 00000 n All rights reserved. 0000003935 00000 n They become available once a county or state gets an Economic Injury Disaster Loan assistance declaration also issued by the SBA.More information can be found at https://disasterloan.sba.gov/ela/Information/EIDLLoans. The SBA is available to assist all small businesses across the nation and does not have a total cap on the loan amounts; each qualifying small business can apply for a loan of up to $2M to assist with economic recovery. You can request no-cost assistance from the Wisconsin SBDC in the process. 8��3~n�� ���A�S� �4ƻ�N {�s)0V0�`�vF�0��՗�?���Xq���~sC!�>Pk;�b�{��� ��n7F%��o�/�'0>�:l^4���; �A����c �720XM �L��8��n��o@a�7 ~�_� If you are a sole proprietor, you may need to include. 0000012348 00000 n 0000701043 00000 n 0000116167 00000 n 0000305328 00000 n unded in part through a Cooperative Agreement with the, Institute for Business & Entrepreneurship, https://disasterloan.sba.gov/ela/Information/EIDLLoans. If Congress acts to adjust it, the SBA will do so per the action. SBA disaster loans are for small businesses, non-profit organizations, homeowners, and renters who may be experiencing financial hardship due to an acute circumstance beyond their control—usually a catastrophe or disaster. SBA will look at the last three years historical to determine what the business could have paid if the disaster would not have occurred. 188 86 0000462563 00000 n x�]��n�0��� ����H��Ҟ�^R�b,C�}�]��A�cg�c�������j����5����lj`G8���!�m=΄ߺ���[s9 #t�jz/M��f��h&������b$�V���#/-�g��5���2&��=U����h[���qZZ�M�>i`�S���0�S�xi`����d(yW�:67yh�vYe�Ӯ"@\���U9G�� https://disasterloan.sba.gov/ela/Information/PaperForms, https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf. 0000588149 00000 n No, same size standard as the 7a program. 0000015237 00000 n 0000114540 00000 n All communications from SBA will be sent from an official government email with an @sba.gov ending. 0 0000005781 00000 n SBA will complete the thorough analysis to determine this based on the information provided by the applicant. 0000672631 00000 n x�]��j�0��~ 0000216031 00000 n 0000003776 00000 n On April 14, 2020, the SBA issued additional Interim Rules which specifically address applicants consisting of individuals who file a Form 1040, Schedule C. With each loan application comes a unique set of facts, issues, and needs, and the SBA's guidelines to borrowers and their lenders are constantly catching up to the pace of loan issuance. Personal ... How is the disaster loan amount determined? Once the SBA approves a disaster loan, applicants will receive a package of loan closing documents for signature. This type of disaster is unprecedented, so no one can predict for sure. 0000006018 00000 n 0000215997 00000 n 0000559161 00000 n 0000113532 00000 n 0000005538 00000 n The Small Business Administration (SBA) received funding and authority through the CARES Act to modify existing loan programs and establish a new loan program to assist small businesses nationwide adversely impacted by the COVID-19 emergency. The SBA will begin sending email invites to businesses and nonprofit organizations that received the EIDL Advance in an amount less than $10,000 starting on February 1, 2021. 0000004110 00000 n 0000015064 00000 n This level is set by Congress. 0000464567 00000 n 0�b���� � � Y�v�E�q�5��� J ��� �FD4����0��ȉ����#��_���M�]����1v�x�p�nЭ��eԽv.��$��� 0000006872 00000 n The loans are not intended to replace lost sales or profits or for expansion. ���N.��ߕq�h��(�,�L1G�qL5�!Z�/����)>�sk�������x�z�/��. The Small Business Administration’s primary lending program, 7(a) loans are the most common, flexible and simple type of SBA loan. 0000652953 00000 n 0000349464 00000 n Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance. Under its guidance, the SBA now states that regardless of whether you have yet filed a 2019 income tax return with the IRS, you must fill out and submit the 2019 Form 1040, Schedule … No, if insurance proceeds are disbursed to the business after the loan is funded those proceeds would be used to pay down on the disaster loan. Economic Injury Disaster Loan Application Number: Any EIDL taken out after January 31, 2020, and used to cover payroll, was likely refinanced into your PPP loan. 0000601689 00000 n After decisioning, SBA legal prepares the closing documents to send to the borrower. 0000006347 00000 n A loan officer will contact you to discuss the loan recommendation and your next steps. The information contained in this schedule is a supplement to your balance sheet and should balance to the liabilities presented on that form. 0000000016 00000 n Small businesses should apply for Economic Injury Disaster Loans at https://disasterloan.sba.gov/ela/.Traditional SBA-backed loans are available as well; to find an SBA-approved lender, visit www.sba.gov/lendermatch. These loans may help cover a gap in insurance coverage, or simply provide a sustaining financial bridge until insurance claims can be processed and funds … Applicants must wait until they receive an email invite from the SBA to apply for the new Targeted EIDL Advance. The SBA will closely monitor the rate of applications and approvals for the first priority group and will announce a projected start date for the second priority group at a later date. The second priority group are businesses and nonprofit organizations that applied for EIDL assistance before December 27, 2020, but did not receive an EIDL Advance because available funding was exhausted in mid-July 2020. 60��'��\x�. 0000016214 00000 n 0000006899 00000 n 0000601852 00000 n endstream endobj 189 0 obj <>/Metadata 185 0 R/OutputIntents[<>]/Pages 184 0 R/StructTreeRoot 7 0 R/Type/Catalog/ViewerPreferences<>>> endobj 190 0 obj <>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 191 0 obj <>/BS<>/F 4/Rect[364.39 24.166 463.61 33.931]/Subtype/Link>> endobj 192 0 obj <>/BS<>/F 4/Rect[89.2 276.16 230.75 290.98]/StructParent 1/Subtype/Link>> endobj 193 0 obj <> endobj 194 0 obj [278] endobj 195 0 obj [230 0 R] endobj 196 0 obj <> endobj 197 0 obj <> endobj 198 0 obj <> endobj 199 0 obj <> endobj 200 0 obj <> endobj 201 0 obj <>stream Once the documents are signed, an initial disbursement of $25,000 is made within 5 days. trailer The PPP also allows these same type of working capital fixed monthly debts; however, 75% of this loan needs to be used for salary and payroll obligations and only 25% can be spent on other expenses. If you must answer yes to any questions regarding your criminal or credit history, be prepared to offer a complete and thoughtful explanation. ). There is 12 months of payment deferral automatically built into the disaster loan that begins from the date of the Note, but interest accrues. 0000114625 00000 n Many factors go into qualifying for an EIDL. H��W[o��~��0�d�͕�Y��) ��( SBA’s offices are available to assist borrowers, and SBA’s funded Wisconsin resource partners can also help. 0000216191 00000 n �Cq�K{��c�C��l��JfXd�8���d/t0� �����}i�'�7���'�8��-B��'u��y����v2Qi��uN8�4Uנ�E���{r�����!{a�y���qBJP������x5�.ؾu�����s|����068���ȆFTu%�@�*�($�Oߨ~�_���x����X��{������,y�J����C�T>? 0000002438 00000 n The SBA offers the economic injury disaster loans, not banks. (AKA – No double-dipping. The typical timeframe is 21 days for a decision on the application package as long as all information is provided accurately by the applicant. Notice: The deadline for Economic Injury Disaster Loan (EIDL) applications has been extended through Dec. 31.Check with SBA disaster customer service if you have a question about the status of your loan. 0000586607 00000 n 0000004285 00000 n 0000003424 00000 n 0000463025 00000 n It is a low-interest federal loan issued by the SBA to alleviate economic injury small businesses or private nonprofits are experiencing injury and, in this case, injury caused by the Coronavirus (COVID19). concluded the original round of EIDL Advance payments. An example would be if the loan was turned down for insufficient income and the owner would like to add on a co-borrower, such as a spouse. 0000007145 00000 n (O�l�#%iMA No confirmation email will be sent as a follow-up confirmation of receipt of application. 0000005013 00000 n The Wisconsin SBDC Network is a proud part of the Institute for Business & Entrepreneurship in the University of Wisconsin System. The PPP and the EIDL cannot be used for the same working capital/monthly expenses. SBA Disaster Loan Disbursement. 0000349394 00000 n ... U.S. Small Business Administration. You must submit your application to the SBA's Disaster Assistance Processing and Disbursement Center (PDC) within six months after the denial. 0000306870 00000 n 0000113925 00000 n 0000014705 00000 n © 2021, Board of Regents - University of Wisconsin System. The SBA offers disaster assistance in the form of low interest loans to businesses, nonprofit organizations, homeowners, and renters located in regions affected by declared disasters. �UD�9w}Qo�PG� �����0������"�K��� Yes. The EIDL working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. SBA will prepare and send your Loan Closing Documents to you for your signature. 0000006576 00000 n The SBA will send you loan closing documents to sign. You will also be advised in writing of all loan decisions. ����N�ͱ�a2�uψw6�.��6�sü��&�A� +g���:� �#O1,2nLk��9��� zg�����grAE�j����� S������.��L������ 4�P�G�"�����R)��O���;:|��WzeGoW�s���/)�?�_�6Y��G�W�\U�*ұ�$�ɢd�"m Print form and complete. Schedule of Liabilities (SBA Form 2202). 0000586430 00000 n 0000013660 00000 n 0000003803 00000 n Contact the relevant SBDC office or call 608-263-7794. 0000019069 00000 n 0000002801 00000 n 0000011326 00000 n 0000017527 00000 n In accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act (Economic Aid Act), businesses and nonprofit organizations that received a previous EIDL Advance in an amount less than $10,000 will have first priority to apply for the Targeted EIDL Advance and will be the first group to receive email invites to the application portal. !oP 0000004416 00000 n endstream endobj 202 0 obj <> endobj 203 0 obj [226 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 507 507 507 0 0 0 0 507 0 0 276 0 0 0 0 0 0 606 561 529 630 488 459 0 631 267 0 0 423 874 659 676 532 0 563 473 495 653 0 906 0 520 0 0 0 0 0 0 0 494 537 418 537 503 0 474 0 246 0 0 246 813 0 538 0 0 355 399 347 537 473 745 0 474] endobj 204 0 obj <> endobj 205 0 obj <> endobj 206 0 obj [226 0 0 0 507 715 0 0 303 303 0 0 250 306 252 386 507 507 507 507 507 507 507 507 507 507 268 268 0 0 0 0 0 579 544 533 615 488 459 0 623 252 0 0 420 855 0 662 517 0 543 459 487 642 0 0 0 487 0 0 0 0 0 0 0 479 525 423 525 498 305 471 525 230 239 455 230 799 525 527 525 525 349 391 335 525 452 715 433 453 395] endobj 207 0 obj [220 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 652 0 0 705 0 0 0 0 0 0 0 551 0 0 0 0 0 662 0 0 0 0 0 0 0 0 0 0 0 0 0 0 535 591 469 597 531 0 0 0 314 0 0 0 890 604 569 0 591 461 459 365 597] endobj 208 0 obj <>stream 0000005255 00000 n EIDLs repayment is deferred for twelve months. The EIDL working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. 0000586523 00000 n �M���gN���J����X�)e.���&�>�*6�S�[��.�ߤ���v8��f�K�p���Xf1�t}t����ǜ�)���O0���� �V�E�l��Ě*���X���qw�6��:٢���?M��PP�O[/HWI�Aesd?U�����-6�7�f�s̷z̑C��ԌtR�M2�l��%C�E�9K}�'�Z�7D�\e���(1C䊦�/��Z'FFRR���Y,*�@��]�\����i�i����iy����NAX _����=l����6)�!�%�#ֹ$2H��!J���Ȱh�a��}�`��:D���J�7�_E�X˝鋩w�X �x*V�["��$g,�֐]�E��6�[חK�I&���K�[�'�m���8X�: 5t^��+8�:rO �XUT^�x6/ICqO���ʴ��=]�7��|1�[���1v��ѽ ëؼ��h^R��\��Y�i �]Áy�R|#��2ku�pĕ��j�Lٸ��!�_�ɒ��Q�a!vѪ�.����Y:[�4k�^��n]��TW |�CKk�E�]|���谷�hߜ�:����u7k�U��Ϙ�(T�i��a]���;�� �i�O�"��:��|X���,�N�p. '\K�UȒC�kl}�3�$R�x夁 I��w�3���jY����|2����a1g���m]o��|{ZL~.�W��^m7�)���d7g��'�r.�Y��$�H&��*c:c7�g#���s&�4 ��hV���/g���S:��6�I�f {L�f���/[�y�Y�~ 0000003283 00000 n 273 0 obj <>stream 0000003583 00000 n SBA Form 5 is the loan application that will provide the SBA information on you, your business, your business partners, and any other businesses you may own a substantial interest in. For full details on the most up to date PPP loan forgiveness rules, go to the SBA PPP website. The loan funds will not provide for lost sales. If EIDL applications were completed BEFORE Monday, March 30, they should be resubmitted using the online link. 0000462812 00000 n The existing SBA loans that qualify are: 7(a) (including the Community Advantage Pilot Program for underserved communities) 504 Certified Development Company Loan Program; Microloan Program. 0000601879 00000 n 0000720516 00000 n 0000003753 00000 n 0000653469 00000 n xref There is no state or territory limit. This is a suggested format for the Schedule of Liabilities. 0000009244 00000 n However, historically, disaster loans have taken approximately three weeks from time of application until completion of loan officer assessment, submission of any additionally required documentation, and final loan approval. <<2D8665669961A14B8B594E4BB37B30C9>]/Prev 828010>> If collateral is required for the loan SBA will prepare a partial disbursement of $25,000 to submit to the borrower and release the remaining funds once all collateral is appropriately secured. 0000010340 00000 n 0000002016 00000 n The invite to apply will be sent to the primary contact email address associated with your original EIDL application. l? 0000303786 00000 n The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. As a result, the SBA … %%EOF Complete copies of the most recent Federal Income Tax Return. 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In @ sba.gov ending highly recommends using the online link so per action... Eidl Advance after receipt of the signed documents the funds are direct deposited in..., SBA legal prepares the closing documents to you for your signature to reactivate their loan was..., same size standard as the 7a program a reconsideration in part through a Cooperative Agreement with the small! No confirmation email will be sent to the borrower the SBA to apply the. The University of Wisconsin System 30 or later received a verification number submission. What the business will need the appropriate business and financial documentation required that shows it is funded in through! Injury disaster loans, not banks injury disaster loans, not banks prepares the documents. For the same working capital/monthly expenses Processing and disbursement Center ( PDC ) within six months after the denial,. Business days available to assist borrowers, and SBA ’ s funded resource! 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