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.
© 2020 Keating Muething & Klekamp PLL. All Rights Reserved
Nicholas Simon helps companies, financial institutions, and investors negotiate and execute corporate, finance and commercial transactions. Nick provides prompt and practical advice that is focused on helping his clients ...
Julie Muething represents both public and private companies in domestic and international mergers and acquisitions; business formation, organization and capitalization; venture capital and other equity financing; and ...
Kelley Brandstetter Tracy’s practice is concentrated in commercial finance and the structural and legal aspects of debt financing and equipment leasing. She represents lenders, borrowers, finance companies, lessors and ...
Nicholas Kereiakes advises clients on finance transactions, mergers and acquisitions, corporate structuring, commercial agreements and additional general corporate matters across a wide range of industries. He is dedicated ...
Emily Schott assists clients with commercial real estate matters, including the acquisition, sale, financing, development and leasing of commercial properties. She represents borrowers and lenders in financing transactions ...
- Securities Law
- Securities Regulation
- Private Offerings
- Paycheck Protection Program
- Corporate Law
- Proxy Access Rules
- Securities Litigation
- Tax Planning
- FAST Act
- JOBS Act
- Cybersecurity and Privacy Law
- SEC Enforcement
- Ohio LLC Act
- Consumer Protection Act
- Corporate Tax
- Real Estate Law
- Intellectual Property
- Corporate Governance
- Emerging Growth Companies
- Conflict Minerals
- Opportunity Zone
- Pay Ratio Disclosure
- Accredited Investors
- Mergers & Acquisitions
- Sales Tax
- United States Supreme Court
- Online Trading Platforms
- Registration Statement
- Annual Reports
- Ohio Foreclosure Reform
- Executive Compensation
- Health Care Act
- Family-Controlled Entities
- Gift and Estate Transfers
- Director Compensation
- Board of Directors
- Director Independence
- Wall Street Reform
- Clawback Rules
- Cyber Insurance
- Data Breach
- Regulation A
- Regulation D
- Total Shareholder Return
- Receivership Statute
- Business Process Improvement
- Employer Policies
- Employment Litigation
- Labor & Employment Law
- Labor Law
- Sixth Circuit
- Compensation Committee Certification
- CDFI Fund
- Community Development Entities
- Community Development Financial Institutions Fund
- Government Shutdown
- New Markets Tax Credit
- NMTC Financing
- Regulation Fair Disclosure
- Social Media
- Healthcare Reform
- Public Company Transition Rules
- Employment Incentives
- HIRE Act
- Social Security Tax
- Tax Credit
- More Disclosure Modernization: SEC Adopts Significant Amendments to Financial Disclosure Rules
- SEC Eases Limits and Rules on Private Offerings
- SEC Proposes Conditional Exemption for "Finders" Involved in Capital Raising
- Ohio Adopts Protections for Ohio Businesses from Coronavirus - Related Lawsuits
- SEC Scales Back Financial Disclosures for Business Combinations
- State of Ohio Issues Urgent Health Advisory and Partial Rescission of “Stay at Home” Order
- SEC Adopts Temporary Rules to Expedite Regulation Crowdfunding Offerings Amid COVID-19 Pandemic
- Treasury Releases PPP Loan Forgiveness Application
- COVID-19 Tort Liability Bills Work Their Way Through the Ohio General Assembly
- SBA Provides Small PPP Loan Borrowers Additional Comfort on Eve of Safe Harbor Deadline