How to Apply for SBA’s Disaster Loans

On Thursday, Lt. Gov. Jon Husted announced that the U.S. Small Business Administration (SBA) has qualified Ohio for the Economic Injury Disaster Loan program. As a result, Ohio businesses that have been economically impacted by the COVID-19 outbreak may now apply for a low-interest loan of up to $2 million to help pay for fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.

Businesses can apply for the loan online, which is recommended, or by calling (800) 659-2955 to have an application mailed. To expedite the application process, applicants should have copies of their most recent federal income tax return and a completed and signed IRS Form 4506T, which authorizes the release of tax information. Also have handy a schedule of liabilities, personal financial statement, monthly sales figures, a current year-to-date profit-and-loss statement, and a year-end profit-and-loss statement and balance sheet for that tax year — if the most recent federal income tax return has not been filed.

Here’s guidance from OMA Connections Partner Roetzel. 3/19/2020