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Minnesota's small businesses are now eligible for the SBA's Economic Injury Disaster Loan Program and can apply online.
Forms to Fill Out FIRST
Here's a list of documents you'll need to provide to complete the application:
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SBA Form 5 or SBA Form 5C for sole proprietorships - SBA loan application
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IRS Form 4506T - Tax Information Authorization for the applicant, principals and affiliates.
- Complete copies of the most recent Federal Income Tax Return.
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SBA Form 2202 - Schedule of Liabilities.
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SBA Form 413 - Personal Financial Statement.
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We HIGHLY recommend you complete your application online, do not mail them in. However, preparing these documents before you go to SBA.gov/disaster will streamline the process for you.
Join us and learn about the SBA’s Economic Injury Disaster Loan program.
Monday, March 23, 9 am: Register or 1 pm; Register
Tuesday, March 24, 9 am: Register or 1 pm: Register
Wednesday, March 25, 9 am; Register or 1 pm: Register
Thursday, March 26, 9 am: Register or 1 pm: Register
Friday, March 27, 9 am: Register or 1 pm: Register
These training's will cover program eligibility, use of proceeds, terms,filing requirements, and additional small business resources. After registering you will receive the Skype webinar log in information.
We will be conducting these training's twice a day until demand is met. Spanish language training's coming soon.
A couple of points to know about SBA Economic Injury Disaster Loans:
- EIDL loans of up to $2M are now available for small businesses and private non-profits
- Funds can pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
- The current interest rate is 3.75% for small businesses, non-profit rate is 2.75%
- The terms can be extended up to 30 years to keep it affordable.
- These loans are only intended as working capital loans utilized to assist with impact caused by the coronavirus emergency efforts.
- Loan applications will be evaluated by SBA loan officers. Criteria includes:
- Credit history acceptable to the SBA
- Repayment abilities
- Eligibility - business must be headquartered in a declared state and suffered working capital losses due to the declared disaster (not a general downturn in business due to the economy or other reasons.
We will continue to share additional resources as they become available. This is by no means an all-inclusive list, but we hope it gives you a good starting point to get the help you need to deal with the crisis at hand.
Local Partner Info
Federal Program Info
The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments due of up to $10 million for corporations and up to $1 million for individuals - regardless of filing status - and other unincorporated entities. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020. More info is available here.
For more on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus.
If this newsletter was forwarded to you, sign up now to make sure you get additional information as it becomes available via sba.gov/updates.
We will also be posting information on Twitter (@SBA_Minnesota) as it becomes available. Join us there.
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