The Small Business Administration Economic Injury Disaster Loan program is now available to small businesses that have been affected by the coronavirus COVID-19, Gov. Tony Evers announced Friday, March 20th.
The U.S. SBA approved Ever’s request for federal loan assistance, which gives small businesses access to loans of up to $2 million with low interest rates and repayment plans of up to 30 years.
Businesses can apply Here. Here’s a list of documents needed to apply:
- Tax Information Authorization (IRS Form 4506T) for the applicant, principals, and affiliates
- Complete copies of the most recent Federal Income Tax Return
- Schedule of Liabilities (SBA Form 2202)
- Personal Financial Statement (SBA Form 413)
- Profit and loss statements
- Monthly sales figures (SBA Form 1368)
Companies that have been in business under a year can use their personal tax returns if they don’t have business tax returns yet (loan requires a personal guarantee) and they can also make projections, said Shirah Apple, public affairs specialist at the Wisconsin SBA.