News Flash

WEDC News FLASH

Posted on: March 19, 2020

SBA Corona Virus Economic Injury Disaster Loans (EIDL)

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The Texas declaration website should be opened for loan apps in the next 24 hours.  

In the time being, to get ahead of the curve and long waiting line for processing, we are encouraging the prospective applicants to complete their profile and get Registered. This will enable the Registrants to be notified by email as soon as the website will accept their SBA Coronavirus Economic Injury Disaster Loan (EIDL).

Moreover, we also recommend that the prospective applicants Start Now to assemble their documents required for the loan app, thus getting a head start on “Step two” in the loan review process. Below is the list of ten documents the prospect applicants should assemble and scan to prepare for uploading them into the EIDL website Plus the five required SBA documents (in English & Spanish):

  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
  6. NOTE: To access each form, press Ctrl button and double click with cursor. The document may appear behind the email message. Recommend to first “Save” each relevant document and fill in thereafter.

Corporate governance documents; e.g., Articles of Incorporation, Articles of Organization (for LLC), or Registration of Sole Proprietorship

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

Current Accounts Payable and Accounts Receivable Aging as of date of filing for the loan

Three (3) years’ 1040 Federal Income Tax Returns for the business & owners

Three (3) years’ company FYE Income Statement and Balance Sheet and latest YTD Financial Statements (Company prepared is acceptable)

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]

Monthly (reasonably detailed) two (2) years’ cash flow projections

Three (3) years’ Monthly Sales History up to date of filing for loan

Current copies of owners’ credit reports from the three (3) credit bureaus with explanations for any negative reports

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 (press/hold Ctrl button and double click cursor). NOTE: Form may appear behind the email.

SBA 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 Authorization

SBA 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)

· SBA Form 413D Personal Financial Statement. Download, print form and complete or complete version online and print.
SBA Form 413D Personal Financial Statement (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)

· SBA Form 2202 Schedule of Liabilities. Print form and complete. This is a suggested format for the Schedule of Liabilities. The information contained in this schedule is a supplement to your balance sheet and should balance to the liabilities presented on that form. If you need assistance please see instructions.
SBA Form 2202 Schedule of Liabilities Instructions. Follow examples 1 through 8 for requested information. You may use your own form if you prefer. Any format is acceptable as long as it includes the information included in the instructions.
SBA Form 2202 Schedule of Liabilities (en Español)

· PUERTO RICO ONLY: Modelo SC 2907: Release of Inheritance and Donation (en Español)
PUERTO RICO ONLY: Hacienda Statement of Authorization

All required documents listed in Filing Requirements must be returned. All forms requiring signature must be signed and dated. Incomplete applications will not be accepted.


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