How can the EIDL loan funds benefit my business?
The funds can be used for business expenses such as:
- Payroll costs and benefits.
- Material Costs and Pre-existing Debt.
- Rent costs, under lease agreements in force before February 15, 2020.
- Interest on mortgage obligations, incurred before February 15, 2020.
How soon can I expect to receive funding?
The SBA has streamlined their existing loan application process to fund small businesses much quicker due to the COVID-19 outbreak. For loans up to $500,000, loan decisions are quicker. They expect to send funds to your business a week or two after you fully and successfully complete your application.
The SBA has an additional part of this program offering emergency advances on disaster loans. Upon completing your application for a disaster loan, you can request an advance on the funds up to $10,000. Funding will be made available within three days of a successful application submission.
The Process
Our partner banks include the broadest spectrum of SBA lenders in the nation. This SBA EIDL Loan Program enables you to:
- Apply for your SBA EIDL Loan (Note: If you have already applied for the EIDL on the SBA site, we will update your application with our company being agent on record).
- Get your loan serviced more efficient and faster.
- Get detailed assistance with an assigned Account Manager in preparing required documents & completing your loan application.
Step 1: Buy the Basic or Concierge Application Support Product That Best Fits Your Situation
Step 2: Receive a Welcome Call from your assigned Account Manager
You will receive a welcome call from an assigned account manager typically within 24-48 hours of your purchase. Additionally, you will receive an email link with more information.
Our teams are trained to help answer questions you may have and manage your loan process.
Step 3: Gather Required Information
Upon completing Step 2 you will be guided on required documents to complete.
Payroll records
Payroll tax forms will be required (i.e. Forms 940 and/or 941) from January 1, 2019 to the most current filing.
Proof of being operational by 2/15/2020
You may be able to confirm this with the payroll records from a period that includes 2/15/2020. You may also be able to find this in a payroll summary.
Articles of organization
Please have your Articles of organization available as well as a W9 for the business entity(s) that will be borrowing or that have paid payroll.
Identify owners
You will need to list all business owners having greater than 20% ownership in the business.
Tax returns and financial statements (for all owners greater than 20%)
- Business Tax Returns for the last 2 years filed.
- Personal Tax Returns for the last 2 years filed.
- Personal Financial Statement.
- Profit & Loss and Balance Sheet for current year.
- Schedule of Liabilities.
Step 4: Documents Reviewed and Confirmed
All documentation will be reviewed and confirmed prior to submission. If any documentation is incomplete, missing or needing correction, your assigned Account Manager will be in communication with you to assist completion.
Our teams are trained to help answer questions you may have and manage your loan process.
Step 5: Completed Loan Application Package submitted to SBA
Your application will submitted and you will receive an Application ID# for your loan submission. Your assigned Account Manager will be in communication with you on your loan status updates.