As many of you already know, the US Government is injecting roughly 2 trillion dollars into the market to help offset the financial hardship COVID-19 has caused. Small business owners can have access to a portion of this money through Disaster Loan Assistance by following a few simple steps!
Follow these simple steps to get as much as $10,000 in as little as 3 days from the economic stimulus bill passed because of coronavirus.
First, Determine if You Are Eligible
First, you should verify that you or your business are eligible for a Disaster Loan. The basics are businesses with less than 500 employees, individuals who operate under a sole proprietorship or are an independent contractor, tribal small businesses, and nonprofits.
Certain agriculture and aquaculture businesses can apply, as well as faith based enterprises, employee stock ownership plans, and non-government private nonprofits. Further listings based on size and other requirements can be found here.
Next, Start the Application
The next step for you as a business owner is to begin the loan application. This process is very easy! You simply need to visit the sba.gov website. Once there, click the yellow banner at the top of the website that says “Apply for an Economic Disaster Loan”. That will take you to the application page.
The application basically verifies that you or your business are not engaged in any illegal activities and that your business meets the criteria for the loan.
On the first page, you will check the type of business you operate and confirm that you are not engaged in any activities that disqualify you. (You don’t run a brothel and you don’t get your income from gambling, stuff like that!)
The next page asks for your business information. You will provide your business name, EIN or SSN, organization type, and gross revenue for the year.
After that you will specify operating costs for your business, the number of employees/dependents on your business, and if you have lost any rental property income due to COVID-19. Skip any questions that do not apply to your business. You want to make sure you answer all of the questions that do apply on this page as accurately as possible because it will determine how much money you are eligible for.
Next, the application will ask you for your personal information, like your own social security number, phone number, your email, where you live, banking info, and things like that.
Lastly, you will go through any additional information and the summary. Basically you want to triple check the info you have provided for accuracy. The last thing you want is a wrong bank account number or a typo that costs you money!
Then, Submit Your Request
Once you hit send you will be given a tracking number for your claim. The website states that it will take up to 3 business days to deposit the first $10,000 into your account. If you are eligible for more funds they will follow after the first deposit.
These loans are FIRST COME FIRST SERVE, and the 2 trillion dollar injection will only last for so long! The website has already been inundated with applicants, so do not wait to start yours. If you feel this loan program could apply to you and your business, get it done. The worst that can happen is you are declined.
Feel free to reach out with any questions! Also, check out my video here of my application process.
And remember, you are one real estate deal away from changing your financial landscape. However, in this case, you can get some working capital fairly quickly so you can continue providing for your business and workforce. We will get through this disaster together!