Updated Rules for Disaster Loans

Mar 31, 2020

As of yesterday, the SBA has changed the rules.

The SBA has greatly simplified the program. Here are the details:

Click here to see attached document

 

· A business can apply for a $10,000 advance with their SBA disaster loan the advance is forgiven (becomes a grant)

· The business only needs the following information to apply:

o 2019 sales

o 2019 cost of goods sold

o Number of employees on payroll on 1/31/2020

o Owners personal info (SSN, birthdate, birth city, residence, cell phone, etc)

§ Owners that own 20% or more of the business must provide this

o Name of business bank and account number and routing number

§ This is where they will automatically deposit your $10,000

 

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