In anticipation of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, you should consider submitting application information to get a jump start on the process for obtaining an SBA loan under the CARES Act. An overwhelming response is expected when the program is available so anything that can be done to be ahead of the curve should be.
Since the corresponding SBA regulation under the CARES Act hasn’t been written yet, we don’t know the exact or final requirements. Once the legislation is approved, SBA will finalize regulations and requirements to access the funding. Any additional information will be collected at that time and loans will be processed in the order complete applications are received.
Following is the checklist of information required to get started:
- 2019, 2018, and 2017 Business Federal Income Tax Returns (complete copies)
- If 2019 Business Tax Returns are not available, provide a 12/31/2019 Balance Sheet and Profit & Loss and a 2016 Business Tax Return
- 2019, 2018, and 2017 Personal Federal Income Tax Returns for all principals who own 20% or more of the business
- If 2019 Personal Returns are not available, provide the 2016 Return along with all W-2’s and 1099’s for 2019
- Current Personal Financial Statement from any owner of 20% of more of the business
- SBA Initial Information Form
- Business Debt Schedule
If available, include the following:
- 02/29/2020 Business Financial Statements (Balance Sheet, Year-to-Date Profit & Loss, and Aging of Accounts Receivable & Payable)
- Internally prepared is acceptable, does not need to be CPA Compiled
WhippleWood will be hosting a webinar tomorrow, March 27th, at 2:00 Mountain time through Zoom to answer your questions about the CARES Act and the SBA disaster loan program, and how we can assist your small business in the application process. Below is the Zoom link and meeting info:
Meeting ID: 865 511 999
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