Now Easier to Qualify for Unemployment BenefitsMarch 20, 2020
UPDATED April 21, 2020 — While President Trump signed the “Coronavirus Aid, Relief, and Economic Security Act” (the CARES Act) on March 27, the Small Business Administration is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
Business owners may be wise to complete applications and prepare the necessary documentation, in the event Congress appropriates more funding for these programs. Here are some resources to help you understand your business’ eligibility and to strengthen your application.
Prep To Apply
Prior to applying, the SBA suggests filing out the loan documents so you’ll have all the information you need to complete the application in one sitting. Here’s an SBA slidedeck to help you prepare, and here are some helpful tips the CPCC’s Small Business Center has gleaned from helping business owners apply. Find the application forms here. Here are the documents you’ll need in the application process:
- Completed SBA loan application (SBA Form 5 or SBA Form 5C for sole proprietorships.)
- Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates.
- Complete copies of the most recent Federal Income Tax Return.
- Schedule of Liabilities (SBA Form 2202).
- Personal Financial Statement (SBA Form 413).
- SBA Form 1368 (provide your narrative… how much you want to apply for, all the special things about your business that indicate your repayment ability and your potential for success, etc. Just tell a short version of your story. For example: business was doing fine, paying all bills & loan payments until COVID-19. The information must match your tax returns.)
Or contact one of these Matthews-area lenders who can walk you through the process:
- Fifth Third Bank, Galleria Boulevard – Call General Manager Christine Keely at 704-443-5981.
- First Citizens Bank – may provide 90 day-loan payment deferrals for existing SBA Borrowers as long as the payment history is satisfactory. If you are an existing SBA customer requesting relief, email SBALoanOperations@firstcitizens.com with your request and short summary of why you are making the request.
Here’s an FAQ from the SBA about its Disaster Relief Loan Program. please contact the SBA Disaster Assistance Customer Service Center: Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com.
Your business banker can also help you apply for a Line of Credit to help your business manage finances during the Covid-19 Public Pause. Call your banker today to learn more!
And the CPCC Small Business Center is available to help as well.
We’re Here To Serve
If you have good information to add to this page, or if you have questions the Chamber can help you answer, please email Interim Executive Director Lisa V. Gray today. Stay safe please!