Where can I get a SBA Disaster Relief Loan?
Almost every school, office and business nationwide is now shut down and these are unimaginable times. If you are an employee, a business, a landlord or a human being, you have been affected. So where do we go to get a SBA Disaster Relief loan and how do we apply?
I completed my application today and it took me more than 5 hours to get through it. I’m going to let you know, not only where to get the disaster relief loan application, but also tips on how to get through it fast:
- 1. The site is less busy from 11pm to 7am, so if you can do complete your disaster loan assistant application in those hours, by all means do so. I signed on at noon and it was completely bogged down. I kept getting kicked off.
- 2. Before you start the application, get a copy of your latest business tax returns ready, as you will need to upload and submit it to the SBA with your disaster loan assistance program application.
- 3. Have your social security number and or your tax ID for any business entity you own, ready to go as you will need it.
- 4. If you own any real estate assets, including your own home, have your mortgage statements handy. They will ask you for a lot of detail including the property addresses, original loan amounts, end date of the loan, payment amounts, current loan balances, loan numbers, mortgagor address etc.
- I have a few rental properties so this part took me quite a while. If you are in the same boat, be prepared.
- 5. If you have a car loan, student loan, or any other kind of installment loan, they will want all the same information, so get those statements ready too.
- 6. Do you have a financial statement? If so, pull that out as you may need to defer to it to answer a few questions.
- 7. Does anyone owe you money or do you have any notes receivable? Make sure you add that to the disaster loan application.
- 8. Get your bank statements (checking and savings) together, stock accounts, insurance balances if you have them. They are going to want bank names, balances and so on.
- 9. Make sure you write down or take a screen shot of all the pages as you move along. You want to be 100% sure you remember what you tell them. They may have questions for you later on and you don’t want to have to look it all up again.
- 10. Make sure, if you are applying for a disaster relief loan, that you check EIDL indicating you want a to make a Economic Injury Declaration Selection.
- 11. You will need to download their SBA Disaster Relief 4506T form (for a business) or an IRS 1040 form that will allow the SBA to ask the IRS for your prior year tax filings. You will need to print and sign them. You can either upload them into the application, once signed, or you can fax or email them. Their fax number is 202-481-1505 and email is firstname.lastname@example.org
Can I Take out a Small SBA Disaster Loan?
Yes! the SBA Disaster Loan Assistance Program, you can take out a small loan of $25,000, all the way up to a business loan of $2,000,000, assuming you have the ability to pay it back.
Do I Need to Pay Back a SBA Disaster Loan?
Yes! These loan programs are great because they offer money at a low interest rate. Currently the rate is below 4%. This is not grant money or a loan forgiveness program. Rather, it is a disaster Assistance SBA Program LOAN and you will have to pay it back.
What if I make a Mistake on my Application?
If you make a mistake on the website, there is a button for help but it was not working for me. For example, I selected “Limited Partnership” as my entity instead of “Limited Liability Company”.
I tried to go back and change it but the system would not allow it. Instead, I had to start ALL over again with an entire new application – after one hour of work. Go slowly, and answer the questions correctly the first time. Trust me on this one!
Save Your Disaster Loan Application Often:
Be sure you hit the SAVE button on every page BEFORE you hit the NEXT button. Hit Save every few seconds if you need to.
I filled out an entire page, took 45 minutes, and then I hit next instead of save. I think their system was overloaded because I got a page error and kicked out of the system. All my work on that last page was lost – all because I failed to click Save before I moved on.
So I encourage you to SAVE – SAVE – SAVE
They even have a big highlighted yellow text box at the top of the SBA disaster loan application page site telling you to SAVE over and over again. Still, I hit Next first, and lost a lot of work – and time.
So, I suggest you get really organized before your start with all your loan statements and paperwork discussed above. Make sure you work slowly and carefully read each question twice (three times if necessary). Try not to ever have to hit the Previous button.
If you do make a mistake, hit the previous button and see if it is an easy fix. For a lot of things, I’m sure it is. But if you need to change your entity type designation, you will have to start all over. OUCH!!
So where will I find the application? Visit the SBA Disaster Relief Loan Website
For Assistance you can contact the SBA Disaster Loan Assistance Support at the numbers below: