Financial Assistance for Small Businesses & Non-Profits impacted by COVID-19 in Texas
Info 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 Proprietorship
2. 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 injury
3. Current Accounts Payable and Accounts Receivable Aging as of date of filing for the loan
4. Three (3) years’ 1040 Federal Income Tax Returns for the business & owners
5. 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 projections
8. Three (3) years’ Monthly Sales History up to date of filing for loan
9. Current copies of owners’ credit reports from the three (3) credit bureaus with explanations for any negative reports
10. 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-T
2. 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 applicable
SBA Disaster Home / Sole Proprietor Loan Application (paper forms)
Please see attachments below to download corresponding forms.
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.
Member of Congress
Washington D.C. Office 113 Cannon House Office Building
Washington, DC 20515
Tel: (202) 225-2531