Financial Assistance for Small Businesses & Non-Profits impacted by COVID-19 in Texas
Financial Assistance for Small Businesses & Non-Profits impacted by COVID-19 in Texas
Mar 24, 2020
| Financial Assistance for Small Businesses & Non-Profits impacted by COVID-19 in TexasInfo Provided by U.S. Small Business Administration (SBA)The Texas declaration website should be opened for loan applications within the next 24 hours. In order to get ahead of the curve and long waiting line for processing, go to www.sba.gov/disaster to complete your profile and get registered. By doing this, it will enable the registrants to be notified by email as soon as the website will begin accepting SBA Coronavirus Economic Injury Disaster Loans (EIDL).It is highly encouraged and recommended that all interested applicants start assembling their documents required for the loan app. Thus, getting a head start on “Step two” in the loan review process.Please see the list of 10 documents the applicant should assemble and scan to prepare for uploading into the EIDL website:1. Corporate governance documents; e.g., Articles of Incorporation, Articles of Organization (for LLC), or Registration of Sole Proprietorship2. Written narrative statement justifying the nature and scope of economic injury and how/why nature of business was adversely impacted by the Coronavirus ( one page/no more than two), such as loss of revenues, cancelled contracts, interrupted supply chain, etc., that resulted in economic injury3. Current Accounts Payable and Accounts Receivable Aging as of date of filing for the loan4. Three (3) years’ 1040 Federal Income Tax Returns for the business & owners5. Three (3) years’ company FYE Income Statement and Balance Sheet and latest YTD Financial Statements (Company prepared is acceptable)6. Company and Owners’ Debt Schedule Tables [e.g., Lender, original loan amt., date, current balance, interest rate (F or V?), collateral, purpose of loan, guarantors, status (e.g., current or past due with explanation) per row in table]7. Monthly (reasonably detailed) two (2) years’ cash flow projections8. Three (3) years’ Monthly Sales History up to date of filing for loan9. Current copies of owners’ credit reports from the three (3) credit bureaus with explanations for any negative reports10. Required SBA Forms (of all Owners, Co-owners & Principals owning 20% or more of the small business): IRS Form 4506-T, Personal Financial Statement (only on SBA Form 413), Schedule of Liabilities and Fixed Assets (SBA Form 2202), Monthly Sales (SBA Form 1368), Home Loan (SBA Form 5c): Links are as follows below, English & Spanish.Please see the five required SBA documents below:1. IRS Form 4506-T2. Personal Financial Statement (SBA Form 413)3. Schedule of Liabilities & Fixed Assets (SBA Form 2202)4. Monthly Sales (SBA Form 1368)5. Home Loan (SBA Form 5c), if applicableSBA Disaster Home / Sole Proprietor Loan Application (paper forms)Please see attachments below to download corresponding forms.SBA Form 5C. Download, print loan application and complete. SBA Form 5C (en Español) IRS Form 4506-T. Download, Print form and complete or complete version online and print. Please see instructions. IRS Form 4506-T Instructions. Follow example to complete form. IRS Form 4506-T Instructions (en Español) PUERTO RICO ONLY: Modelo SC 2907: Release of Inheritance and Donation (en Español) PUERTO RICO ONLY: Hacienda Statement of AuthorizationSBA Disaster Business Loan Application (paper forms)Below are instructions for the SBA Disaster Business Loan Application (paper forms). Please see attachments below to download corresponding forms.SBA Form 5. Download, print loan application and complete. SBA Form 5 (en Español) SBA 159D. Fee Disclosure Form and Compensation Agreement. SBA Form 1368. Download, print form and complete. SBA Form 1368 (en Español)If you have additional questions, please reach out to our office at TX15DistrictOffice@mail.house.gov or call 1-888-217-026.As always it is an honor to serve the 15th District of Texas. We must continue to follow the advice of medical experts during these difficult times. If you ever have need of assistance with a federal agency please contact my office.Sincerely,  Vicente Gonzalez Member of Congress | CONNECT |
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