On March 19, 2020, the SBA approved Ohio’s application to qualify for the Economic Injury Disaster Loan Program. Small businesses in Ohio may now apply directly to the SBA for low interest working capital loans of up to $2 million. Applications can be submitted here.
The SBA requires the following information/documentation as part of a complete application:
- Business Loan Application (SBA Form 5), which requires in part: legal name and address of the business, federal tax identification number, information about management and any principal owning 20 percent or more of the applicant business, insurance coverage (if any) and amount of estimated loss as a result of the COVID-19 pandemic,
- Tax Information Authorization (IRS Form 4506T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has greater than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.
- Complete copies of the most recent Federal income tax returns for the applicant business (or an explanation if not available).
- Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member.
- Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).
- 2019 federal tax return or if the 2019 tax return has not been filed, a 2019 year end profit and loss statement and balance sheet.
- A current year-to-date profit and loss statement.
- SBA Form 1368 providing monthly sales figures.
Officials are expecting an unprecedented number of applications, which will inevitably strain the SBA’s resources. Therefore, it will be crucial for applicants looking to expedite the process to submit a complete and correct application.
The KMK Law team identified below is happy and eager to assist Ohio businesses and non-profits in expediting the SBA loan and application process and will keep Ohio businesses and non-profits apprised of further details with the SBA disaster loan program as they are released.
KMK Law articles and blog posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. The laws/regulations and interpretations thereof are evolving and subject to change. Although we will attempt to update articles/blog posts for material changes, the article/post may not reflect changes in laws/regulations or guidance issued after the date the article/post was published. Please consult with counsel of your choice regarding any specific questions you may have.
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