SBA Economic Injury Disaster Loans Now Open for Indiana Small Businesses
The SBA has added financial relief for qualifying businesses under their disaster relief program. We are not sure of all the qualifications to participate, nor the timing of the funds provided.
What’s an EIDL?
- The SBA EIDL program can provide low-interest loans of up to $2M to businesses and private non-profits.
- EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills.
- The interest rate is 3.75% for small businesses without credit available elsewhere. The interest rate for non-profits is 2.75%.
- EIDLs have long-term repayment options, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on borrower’s ability to repay.
How do I apply?
- Online at SBA.gov/disaster
- Need help? Access these step-by-step online instructions
- Still need help? Call the SBA’s Disaster Customer Service Center at 800-659-2955 or email firstname.lastname@example.org. Individuals who are deaf or hard-of-hearing can call 800-877-8339.
The following documents are required for loan processing:
- Business Loan Application (SBA Form 5) completed and signed by business applicant.
- IRS Form 8821/4506-T completed and signed by applicant business.
- Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business
- Personal Financial Statement (SBA Form 413 may be used) completed, signed and dated by the applicant and each person owning 20 percent or more of the business.
- Schedule of liabilities listing all fixed debts (SBA Form 2202 may be used).
Additional information that may be necessary to process your application:
- Complete copies of most recent Federal income tax returns for each person owning 20 percent or more of the business
- A current year-to-date profit and loss statement
- Additional filing requirements (SBA Form 1368) providing monthly sales figures.
If this is a program that may be of interest, we would encourage you to begin the application process by gathering the information outlined above and completing the necessary forms. Feel free to contact our office at 317-398-9753 if we can be of any assistance.
Brammer & Yeend Professional Corporation