Businesses in Union County eligible for SBA assistance
The United States Small Business Administration is offering designated states and territories low-interest federal disaster relief loans for working capital to small businesses suffering substantial economic injury as a result of the coronavirus (COVID-19) pandemic.
The SBA has been coordinating with the Arkansas Dept. of Emergency Management and is processing the state’s Disaster Request. Once the declaration is finalized, the SBA is directing all businesses with significant economic injury to disasterloan.sba. gov/ela to begin the registration and and application process.
In the mean time, businesses can begin preparing the essential documents that will help the SBA quickly analyze registrations. They will need:Tax information authorization (IRS Form 4506-T available in the SBA loan portal), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management
Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available
Personal Financial Statement completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member
Schedule of Liabilities listing all fixed debts
If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year
A current year-to-date profit-and-loss statement To help support our small business community SBA has created a small business resource page dedicated to COVID-19 at SBA.gov/Coronavirus. Here you will find CDC requirements for small businesses how to access SBA loan products outside of EIDL and much, much more.
Louisiana’s disaster declaration has made Union County businesses eligible for SBA relief now.