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PrimeGlobal member firm Calvetti Ferguson discusses the loans available to small businesses struggling due to the Coronavirus crisis.
The Small Business Administration (SBA) issued an Economic Injury Disaster Declaration on March 20, 2020, for all Texas Counties in response to COVID-19 for the provision of Economic Injury Disaster Loans (EIDL) to businesses and private non-profits in affected communities.
If you have suffered substantial economic injury and are a small business, small agricultural cooperative or private, non-profit organization, you may be eligible for an SBA Economic Injury Disaster Loan (EIDL).
In addition to Texas, small business owners in the following designated states and territories are currently eligible to apply for a low-interest loan due to Coronavirus: Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Illinois, Indiana, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Utah, Virginia, Washington, Wisconsin, and West Virginia.Alabama, Alaska, American Samoa, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Northern Mariana Islands, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, U.S. Virgin Islands, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.
On March 23, 2020, the SBA announced changes to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, will be automatic. Now, borrowers of home and business disaster loans do not have to contact SBA to request deferment.
Before applying online for an SBA disaster assistance loan, consider the information on this fact sheet to decide if the SBA loan is right for you. You must submit the completed loan application and a signed and dated IRS Form 4506-T giving permission for the IRS to provide SBA your tax return information.
Calvetti Ferguson is a middle-market CPA firm that provides accounting, advisory, assurance, & tax services with an entrepreneurial mind & spirit. We combine the experience and know-how of a Big Four firm with tailored business solutions to provide our clients with the ultimate consulting experience.Learn more