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SBA Disaster Loan Updates
Keeping you informed of when and how to apply for additional government funding.
As fellow restaurateurs, as well as a company that helps grow other restaurants, inKind has a lot of questions about the ongoing crisis and we're sure you do, too.
Whether you are running with limited staff, half occupancy, or just delivery, one item to watch is the federal and your state governments' movements to provide some relief. Currently one effort working its way through the government, is to provide a business like yours with a low interest rate loan.
Whether you are running with limited staff, half occupancy, or just delivery, one item to watch is the federal and your state governments' movements to provide some relief. Currently one effort working its way through the government, is to provide a business like yours with a low interest rate loan.
The Process
On a very simple level, it is a 5 step process:
1. President makes a disaster declaration. Check - he already did this.
2. States apply to the SBA to have COVID-19 recognized as a disaster - this is ongoing (33 states have already been added)
3. If your state is listed, you can
4. You submit the amount that you expect to not make or be able to pay out for your business as a result of COVID-19, along with documentation to back up your claim.
5. A claims assessor will work with you and, if you qualify, provide the funds you need to help you weather this storm.
1. President makes a disaster declaration. Check - he already did this.
2. States apply to the SBA to have COVID-19 recognized as a disaster - this is ongoing (33 states have already been added)
3. If your state is listed, you can
4. You submit the amount that you expect to not make or be able to pay out for your business as a result of COVID-19, along with documentation to back up your claim.
5. A claims assessor will work with you and, if you qualify, provide the funds you need to help you weather this storm.
What you can do now
1
Register on the SBA disaster website
2
Start pulling together relevant information. You will need to supply:
- company details
- personal details of all those owning 20% or more of the business (this includes their personal assets and liabilities)
- monthly sales for the last 3 years (must match what you submitted for sales tax)
- personal details of all those owning 20% or more of the business (this includes their personal assets and liabilities)
- monthly sales for the last 3 years (must match what you submitted for sales tax)
3
Let us know if you have questions on the application
We want to share knowledge so that every restaurant can obtain a loan to help them through this time, so let us know if we can help you.
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