UPDATE ON SBA DISASTER LOAN PROGRAM

 At this time, only agricultural business applications will be accepted due to limitations in funding availability and the unprecedented submission of applications already received. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. 

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Welcome

SBA Economic Injury Disaster Loan

Provides small businesses with working capital loans of up to $2 million to small businesses to help overcome the temporary loss of revenue they are experiencing. You can request an emergency advance of $10,000 within 3 days of receiving the application and do not have to repay the advance if you are denied a loan. 

Economic Injury Disaster Loans (EIDLs)

Disaster Loan Assistance Available

Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. 


These loans are intended to assist through the disaster recovery period. 

Credit Requirements:

  • Credit History – Applicants must have a credit history acceptable to SBA.
  • Repayment – Applicants must show the ability to repay the loan. 
  • Collateral – Collateral is required for all EIDL loans over $25,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available. 


Interest Rates: 

The interest rate is determined by formulas set by law and is fixed for the life of the loan. The maximum interest rate for this program is 3.750 percent.


Loan Terms: 

The law authorizes loan terms up to a maximum of 30 years. SBA will determine an appropriate installment payment based on the financial condition of each borrower, which in turn will determine the loan term. 


Loan Amount Limit: 

The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit. SBA also considers potential contributions that are available from the business and/or its owner(s) or affiliates. If a business is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit. 


Loan Eligibility Restrictions

Noncompliance – Applicants who have not complied with the terms of previous SBA loans may not be eligible. This includes borrowers who did not maintain required flood insurance and/or hazard insurance on previous SBA loans. 


Note: 

Loan applicants should check with agencies / organizations administering any grant or other assistance program under this declaration to determine how an approval of SBA disaster loan might affect their eligibility.


Refinancing: 

Economic injury disaster loans cannot be used to refinance long term debts. 


Insurance Requirements: 

To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of 1) the total of the disaster loan, 2) the insurable value of the property, or 3) the maximum insurance available.



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Our Process

1. Complete your Initial Loan Packet through the Contact Us  below and our unique Sign Now link.


2. Our team will review your documents using proprietary scoring metrics.


3. Once pre-screened, we will present your SBA application to the SBA and collect any supporting documents needed for a formal proposal. (Receive your proposal letter in as little as 24 hours)

4. Once accepted, we’ll conduct all communications and managememnt of the loan process until closing and you funds are issued which can be in as little as 30 days. 

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Documents To Have Prepared

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Having the following information and documentation will better prepare you for submitting an application for this or other programs currently available, or programs that may become available at a later date. 


These loans are not funded through lenders but are funded directly from the SBA. We are asking you to gather as much information as you can so that any delays will be prevented


We will assist you in submitting the application so we will be able to hold this information for you once we are ready to submit your application.

2020 Business Financials

  • 2020 YTD Profit and Loss Statement through February 2020
  • Feb 29th Balance Sheet
  • Feb 2020 AR Aging
  • Feb 2020 AP Aging
  • Debt Schedule with pmt, term, rates, and balances
  • * Business Tax Returns (Tax Year 2019 if completed)

2019 Business Financials

  • 2019 Profit and Loss Statement
  • 2019 Balance Sheet
  • 2019 AR Aging
  • 2019 AP Aging
  • Business Tax Returns (Tax Year 2018) 

2018 Business Financials

  • 2018 Profit and Loss Statement
  • 2018 Balance Sheet
  • 2018 Business Tax Return

Ownership Financials for each Owner over 10%

  • 2018 & 2019 Personal Tax Returns for each
  • Personal Financial Statement for each


Get Your Application Going Now

407.243.9595

Download a Full Loan Application & Agreement

Instead of downloading these, you can utilize our electronic application process and be done in less than 10 minutes!

Debt Schedule (pdf)

Download

ELA0-Loan Application (pdf)

Download

Form 413 Personal Financial Statement (pdf)

Download

SBA Table of Size Standards_Effective Aug 19, 2019 (pdf)

Download

Schedule of RE (pdf)

Download

Loan Checklist (docx)

Download

Frequently Asked Questions and Answers

Are businesses and private non-profits in my state eligible for an EIDL related to COVID19?

Are businesses and private non-profits in my state eligible for an EIDL related to COVID19?

Are businesses and private non-profits in my state eligible for an EIDL related to COVID19?

 Yes, those suffering substantial economic injury in all 50 states, DC, and the territories may apply for an EIDL. 

What is an EIDL and what is it used for?

Are businesses and private non-profits in my state eligible for an EIDL related to COVID19?

Are businesses and private non-profits in my state eligible for an EIDL related to COVID19?

 EIDLs are lower interest loans of up to $2 million, with principal and interest deferment at the Administrator’s discretion, that are available to pay for expenses that could have been met had the disaster not occurred, including payroll and other operating expenses. 

Who is eligible for an EIDL?

Are businesses and private non-profits in my state eligible for an EIDL related to COVID19?

My private non-profit is not a 501(c)(3). Is it still eligible for an EIDL and a grant?

 Those eligible are the following with 500 or fewer employees: 

  • Sole proprietorships, with or without employees
  • Independent contractors 
  • Cooperatives and employee owned businesses
  • Tribal small businesses

 Small business concerns and small agricultural cooperatives that meet the applicable size standard for SBA are also eligible, as well as most private non-profits of any size. 

My private non-profit is not a 501(c)(3). Is it still eligible for an EIDL and a grant?

My private non-profit is not a 501(c)(3). Is it still eligible for an EIDL and a grant?

My private non-profit is not a 501(c)(3). Is it still eligible for an EIDL and a grant?

Yes, if you are a private non-profit with an effective ruling letter from the IRS, granting tax exemption under sections 501(c), (d), or (e) of the Internal Revenue Code of 1954, or if you can provide satisfactory evidence from the State that the non-revenue producing organization or entity is a non-profit one organized or doing business under State law. However, a recipient that is principally engaged in teaching, instructing, counseling, or indoctrinating religion or religious beliefs, whether in a religious or secular setting, or primarily engaged in political or lobbying activities is not eligible to receive an EIDL. If you are uncertain whether you qualify, please consult with legal counsel to determine whether your organization meets program criteria. 

Who is eligible for an Emergency Economic Injury Grant?

My private non-profit is not a 501(c)(3). Is it still eligible for an EIDL and a grant?

How long are Emergency Economic Injury Grants available?

 Those eligible for an EIDL and who have been in operation since January 31, 2020, when the public health crisis was announced. 

How long are Emergency Economic Injury Grants available?

My private non-profit is not a 501(c)(3). Is it still eligible for an EIDL and a grant?

How long are Emergency Economic Injury Grants available?

 The grants are backdated to January 31, 2020 to allow those who have already applied for EIDLs to be eligible to also receive a grant. 

If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan?

If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan?

If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan?

Whether you’ve already received an EIDL unrelated to COVID-19 or you receive a COVID19 related EIDL and/or Emergency Grant between January 31, 2020 and June 30, 2020, you may also apply for a PPP loan. If you ultimately receive a PPP loan or refinance an EIDL into a PPP loan, any advance amount received under the Emergency Economic Injury Grant Program would be subtracted from the amount forgiven in the PPP. However, you cannot use your EIDL for the same purpose as your PPP loan. For example, if you use your EIDL to cover payroll for certain workers in April, you cannot use PPP for payroll for those same workers 

How do I know if my business is a small business?

If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan?

If I get an EIDL and/or an Emergency Economic Injury Grant, can I get a PPP loan?

 Please click the button to find out if your business meets SBA’s small business size standards. You will need the 6-digit North American Industry Classification Code for your business and your business’s 3-year average annual revenue. 

How do I apply for an economic injury disaster loan?

I am unfamiliar with the EIDL process, can anyone help me apply?

I am unfamiliar with the EIDL process, can anyone help me apply?

We can start the process for you by calling us, fill in the information above,  or you can do it yourself online: https://disasterloan.sba.gov/ela/. 

I am unfamiliar with the EIDL process, can anyone help me apply?

I am unfamiliar with the EIDL process, can anyone help me apply?

I am unfamiliar with the EIDL process, can anyone help me apply?

Yes, SBA resource partners are available to help guide you through the EIDL application process. We at ACS Executives would like to help you as well and that is why we have created this easy application process so you can continue to attend to your business and employees.