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Updated as of March 23, 2020
As the spread of COVID-19 continues, more states will become eligible for disaster assistance by the US Small Business Administration. This will allow small businesses, nonprofits and others eligible to apply for special loan assistance. If you anticipate you will apply for a loan, here is what you need to start pulling together for documentation:
A signed and dated Form 4506-T giving permission for the IRS to provide SBA your tax return information.
Contact information for all applicants
Social security numbers for all applicants
Deed or lease information
Insurance information
Financial information (e.g. income, account balances and monthly expenses)
Employer Identification Number (EIN) for business applicants
You can check if you are eligible, apply, and check your application status at the SBA Disaster Loan Assistance site. This is the quickest way to receive a decision about your eligibility.
If you would prefer to paper file, use this application.
This is a three-step process (Apply, Property is verified/loan decision made, Closing/disbursement). Learn more here.
If you have any questions, please contact your tax professional here at JMSC.