sba disaster loan requirements

While there are no loan forgiveness provisions applicable to EIDLs, companies that have already applied for or received EIDLs due to economic injury attributable to the COVID-19 pandemic can seek to refinance their EIDLs under the PPP to take advantage of the PPP’s loan forgiveness provisions. The maximum amount of a PPP loan available to each borrower is equal to the lesser of: (a) $10 million, or (b) 2.5 x its average total monthly payroll costs (as defined below). The fastest way to apply for an SBA disaster loan is through their online portal. The loss of revenue that comes along with disasters can be more than enough to kill off a business of any size, since the narrow margins leave little room for emergency savings beyond the short term. A borrower of a PPP loan is eligible for loan forgiveness up to the full amount of the loan and any accrued interest for costs incurred and payments made during the 8-week period after the lender makes the first disbursement of the PPP loan to the borrower, subject to proper documentation, on: [UPDATE - MAY 20, 2020] See our update here for a detailed description of the alternative 8-week period that can be used for purposes of calculating payroll costs. Certifications, including those carrying the penalties described above, must be made about the uses of the loan proceeds. Given the currently available funds for the program, Treasury and SBA are anticipating an over-subscription, so it is critical to gather required information and, if eligible, submit an application as soon as possible. What if I don’t use the funds for payroll or rent, utilities, or interest payments? As a lender, these conditions determine which businesses you can lend to and the type of loans you can give. For example, SBA disaster loans were made more widely available for small businesses affected by COVID-19 as part of the CARES Act (signed into law on Friday, March 27, 2020). Additional documentation may be requested, such as income statements, deed/lease information, Employee Identification Number (EIN), monthly sales, etc. The SBA first attempted to make this clarification on May 5, 2020, through its addition of Question 44 to the FAQs, which stated, consistent with the Act and the existing SBA regulations, that “For purposes of the PPP’s 500 or fewer employee size standard, an applicant must count all of its employees and the employees of its U.S. and foreign affiliates, absent a waiver of or an exception to the affiliation rules.”  FAQ 44 also explained that “Business concerns seeking to qualify as a ‘small business concern’ under section 3 of the Small Business Act (15 U.S.C. In the April 23, 2020 FAQ and April 24, 2020 Interim Final Rule, the SBA also established a “limited safe harbor” period and indicated that a borrower who repays a PPP loan in full by May 7, 2020 will be deemed by the SBA to have made the required certification in good faith. As mentioned above, your first step in the application process for an SBA disaster loan is to fill out an application at the Disaster Loan Assistance portal through the SBA. If you have bad credit, or your small business credit score isn’t stellar, the SBA will still consider other factors, such as recent income and your history of rent, utilities, insurance, and other payments, to determine whether you qualify for an SBA disaster loan. Click here for Foley’s Coronavirus Resource Center for insights and resources to support your business during this challenging time. CIO Self-Deception Impacts Everyone and of Course Includes Cybersecurity! The FAQs make it clear that lenders may use their own online systems and a form they establish that asks for the same information (using the same language) as the SBA borrower application. Owning a business requires daring and resilience, but even more grit is required when facing an unpredictable disaster. A disaster may have strapped you with unintended consequences, but that doesn’t mean your business needs to wither under the pandemic. • Insurance premiums and healthcare benefits. Learn more about ways your business can save with Divvy—the free expense management platform for small and medium businesses. The SBA Loan Forgiveness Program allows qualifying small businesses to forgo some of their loan repayment permanently or for a specified period of time. As with any loan, the lender needs to consider your ability to pay back the loan in full. Unlike most typical SBA loans, the PPP Loans are unsecured loans requiring no collateral, no personal guarantee, and no showing that credit is unavailable elsewhere. Business Physical Disaster Loans: Repair or replace disaster‐damagedproperty owned by the business, including real estate, inventories, supplies, machinery and equipment. SBA Office of Disaster Assistance | 1-800-659-2955 | 409 3rd St, SW. Washington, DC 20416 ), then the loan may cover repairs, losses, as well as lack of income during the disaster and rebuilding period. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law on Friday March 27, 2020, introduced the Paycheck Protection Program (the “PPP”) with an initial $349 billion in funding and the goal of preventing job loss and small businesses failure due to losses caused by the COVID-19 … SBA disaster loans are SBA loans used for recovery from a declared physical or … Foley makes no representations or warranties of any kind, express or implied, as to the operation or content of the site. Photographs are for dramatization purposes only and may include models. The SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. These and other certification requirements are significant, as false or misleading certifications could potentially give rise to civil False Claims Act liability or criminal penalties. Accordingly, do not act upon this information without seeking counsel from a licensed attorney. Because disaster loans come from the SBA itself, you won’t have lenders adding their own requirements. For additional web-based resources available to assist you in monitoring the spread of the coronavirus on a global basis, you may wish to visit the CDC and the World Health Organization. By now you’ve probably heard about the strict requirements surrounding the spending of Paycheck Protection Program money if you want your loan forgiven. Note, however, that (i) at least 75% of the forgiven amount must be used for payroll costs and (ii) the amount of the PPP loan forgiveness may be reduced if the borrower reduces the number of employees or salaries and wages (for employees with annual salaries of $100,000 or less) by more than 25%. (Here are some current recommendations for best business loans for bad credit). Subject to guidance from the SBA, these applicants would also appear to still be subject to the SBA’s affiliation rules governing financial assistance programs. This might include a city, county, state, or country depending on the nature of the disaster. To qualify for an EIDL under the CARES Act, the applicant must have suffered “substantial economic injury” from COVID-19. There are four main considerations for an SBA disaster loan: location, credit score, repayment ability, and available collateral. If you have sustained economic damage and need access to capital, the SBA describes their, While this three step process sounds straightforward, there are various other steps you may need to take to be prepared for the loan review, including verifying. The terms of the loan and established within your ability to repay. . (PPP) loans are provided by the SBA, but they offer different solutions to small businesses. The Small Business Administration’s Inspector General raised serious concerns about potential rampant fraud in a federal disaster-loan program providing coronavirus relief. The EIDL program has a number of requirements relating to the location of your business, the type of business you run, headcount, and your time in business. Businesses can qualify for the expanded Small Business Administration (SBA) disaster loan program as long as they don’t employ more than 500 people. Additionally, while companies may be eligible for loans under both programs, they are unable to seek recovery under the EIDL for the same costs that are covered by a PPP loan. Likenesses do not necessarily imply current client, partnership or employee status. PPP loans are 100% federally guaranteed loans for small businesses intended for companies to maintain their payroll levels and allow partial loan forgiveness, as described below. The good news is that your small business can receive a coronavirus emergency loan through an alternative lender that will often be easier and faster than the process for an SBA disaster loan. As a lender, these conditions determine which businesses you can lend to and the type of loans you can give. Several different types of SBA disaster loans exist with different purposes, qualification requirements, and loan amounts. The terms of the loan and established within your ability to repay. Other circumstances that may qualify businesses for an SBA Disaster Loan include the wildfires in Oregon and California, and hurricanes affecting Louisiana and Texas. SBA's affiliation rules confirm whether the … Through this program, borrowers can access low-interest loans of up to $2 million directly from the SBA to repair or replace real estate or other assets damaged or destroyed in a declared disaster area. SBA Affiliation Rules for Calculating a Concern's Size. Applying for an SBA disaster loan Unlike other types of SBA loans, you apply directly with the SBA to get a disaster loan. include popular lenders like BlueVine, Lendio, and Fundera. updated information regarding disaster zones. You may use your SBA disaster loan to relocate. The affiliation rules used for this purpose are different than the affiliation rules used for purposes of establishing whether a company is subject to the paid sick leave and expanded FMLA requirements under the Families First Coronavirus Response Act (FFCRA), which uses the integrated employer test under the FMLA. SBA Disaster Loan Program Frequently Asked Questions Whattypes of SBA Disaster Loans are available? Question 34 of the FAQs clarified that agricultural producers, farmers and ranchers can qualify for a PPP loan if the business, combined with its affiliates, has 500 or fewer employees, falls within the $1 million revenue size-standard, or qualifies under the “alternative size standard” referenced above. Repayment terms are usually crafted to meet the needs and ability of the business as well. As stated in the Affiliation Rule and FAQs, the remainder of businesses are subject to the SBA’s affiliation rules applicable to its business loan programs, summarized here in the Affiliation Guidance. Payment of group health care benefits and insurance premiums (generally, medical, dental, vision and health flexible spending account benefits). If you are in need of an SBA disaster loan larger than $20,000-25,000, it is likely that the lender will insist on some form of collateral to complete the loan process. The loans may be used for the following expenses/costs from February 15, 2020 through June 30, 2020: Note, however, that (i) the Interim Rule clarifies that at least 75% of the loan amount must be used for payroll costs and (ii) only a subset of these uses may be forgiven, as explained in more detail below. The borrower must certify that it is eligible for a PPP loan under the CARES Act and guidance in place as of the application date. The SBA also offers disaster funding for businesses that suffer due to natural disasters or physical damage. This blog is made available by Foley & Lardner LLP (“Foley” or “the Firm”) for informational purposes only. However, the SBA 7(a) loan requirements provide the baseline for most of the types of loans. In order to qualify for an SBA disaster loan, the Small Business Administration will perform a routine credit check to ensure you qualify against the SBA’s credit score requirements. A disaster loan from the Small Business Administration is a low-interest loan offered at a point of extreme need with the aim of helping small businesses stay open and retain their property and other assets. However, unless changed by the SBA, it appears that the requirement for collateral on EIDLs over $25,000 would still apply, and, in processing a borrower’s application, the SBA must make a determination that the applicant has the ability to repay the loan. Are There Insurance Requirements for Loans? Communicating with Foley through this website by email, blog post, or otherwise, does not create an attorney-client relationship for any legal matter. © 2020 Divvy. To qualify for an SBA disaster loan you must operate a business located within a declared disaster zone. Business adaptations (delivery, online/mobile options, etc. One option for you may be to apply for an SBA disaster loan. The interest rate on EIDLs is 3.75% fixed for small businesses and 2.75% for nonprofits. The original tranche of PPP funding ran out in 14 days and many eligible businesses did not receive funding. Question 16 of the FAQs clarifies that payroll costs are calculated on a gross basis; provided that payroll costs do not include the employer’s share of payroll costs (e.g., FICA). However, you ought to consider all of your sources for emergency funding before applying to the SBA, as disaster loans may only apply to businesses without any other options. Disaster loan. The CARES Act expanded EIDL eligibility for the period between January 31, 2020 and December 31, 2020, to include any business with not more than 500 employees, any individual operating under a sole proprietorship or as an independent contractor, and any cooperative, ESOP or tribal small business concern with not more than 500 employees. The SBA resumed accepting PPP applications from participating lenders on Monday, April 27, 2020 at 10:30 am EDT. The CARES Act and Interim Rule provide that average monthly payroll costs should be calculated over the 12-month period preceding the application, but the application form itself states that monthly payroll costs will be calculated using 2019 payroll costs for most applicants. Since independent contractors can also apply for a PPP loan, this appears to be a change to eliminate potential double counting. Secretaries of Agriculture, Commerce, or even military entities can also declare disasters based on circumstances that are damaging to the public. An SBA disaster loan is a low-interest way to recover from the physical and economic damage caused by declared disasters. (which gives permission for the IRS to release your tax return to the SBA). A business credit report from Dun & Bradstreet is standard on Disaster Loans for loan … SBA Disaster Loan Requirements. While SBA loans normally carry a personal guarantee, they have been waived for COVID Disaster Loans, up to $200,000. But if you’re looking to get a small business loan for the coronavirus disaster you’ll need to exhaust all other emergency loan options before being approved for an SBA disaster loan. The CARES Act waives the requirement for the borrower to demonstrate that it is unable to obtain credit elsewhere. State Governors can make Presidential or Agency requests that an area be considered to be affected by disaster. Additional Eligibility Criteria and Requirements for Certain Pledges of Loans for the Paycheck … The PPP provisions of the CARES Act were further interpreted by the U.S. Small Business Administration (“SBA”) in eight interim final rules issued on April 2, 2020 (the “Interim Rule”), April 3, 2020 (the “Affiliation Rule”), April 14, 2020 (available here), April 24, 2020 (available here), April 27, 2020 (available here), April 28, 2020 (available here), April 30, 2020 (available here), and May 5, 2020 (available here), May 13, 2020 (available here), May 14, 2020 (available here), May 18, 2020 (available here) and Frequently Asked Questions issued on April 6, 2020 and updated through May 19, 2020 (the “FAQs”). The Affiliation Rule and Affiliation Guidance clarified the affiliation principles that apply to applicants. The Interim Rule clarifies that the PPP loans, to the extent not forgiven, will have: Small businesses and sole proprietorships can begin applying April 3, 2020, and independent contractors and self-employed individuals can begin applying April 10, 2020. The SBA will forgive principal and interest payments up to the amount you spend for two months on the areas that meet SBA loan criteria: You will not need to pay back Economic Injury Grant money, but that will count toward your loan forgiveness if you do receive a disaster loan. Declared Disaster Area: SBA disaster loans are only available to small businesses that are located within a “declared disaster area”. Foley expressly disclaims all other guarantees, warranties, conditions and representations of any kind, either express or implied, whether arising under any statute, law, commercial use or otherwise, including implied warranties of merchantability, fitness for a particular purpose, title and non-infringement. Disasters which are not considered a physical disaster (such as the coronavirus pandemic versus a tornado or hurricane) fall under the umbrella of Economic Injury Disaster Loans rather than traditional SBA disaster loans. Be sure to carefully read all fine print and weigh multiple options before applying for an emergency small business loan to help you survive the coronavirus economic disaster. SBA Disaster Loans. Specifically, Question 17 of the FAQs provides that borrowers may rely on the “laws, rules and guidance available at the time of the application.”  Although, the same response does note that “However, borrowers whose previously submitted loan applications have not yet been processed may revise their applications based on clarifications reflected in these FAQs.”. For a borrower other than an independent contractor, the sum of payments of any compensation with respect to employees (excluding employees whose principal place of residence is outside of the U.S.), that is: Salary, wage, commission, or other similar compensation*. Another option for small businesses is the SBA’s existing EIDL Program, which was expanded by the CARES Act and provides for longer-term loans with favorable borrowing terms. If you are interested in relocation, an SBA representative can provide you with more details on your specific situation. For an independent contractor, the sum of payments of any compensation or income of a sole proprietor or independent contractor that is a wage, commission, income, net earnings from self-employment or similar compensation (not in excess of more than $100,000 in 1 year, prorated). Further, the SBA can approve a loan based solely on the credit score of the applicant or other means of determining the applicant’s ability to repay the loan, without requiring the submission of tax returns, which should expedite approval of EIDLs during the covered period. payment of service for the distribution of electricity, gas, water, transportation, telephone, or internet access for such services that began before February 15, 2020. According to FEMA, COVID-19 is  a “disease or pandemic” which qualifies as the kind of disaster for which small businesses may appeal to federal and state governments for assistance. In cases like the current environment, where the disaster may not be covered by insurance, the SBA specifically administers loans through the, how disasters are classified and declared, turn to FEMA, list of areas that have been officially declared disaster zones. Payment of State or Local tax assessed on employee compensation. In general and subject to certain SBA exclusions, to be eligible for a PPP loan, a business must, after applying the affiliation rules, if applicable: (i) be a small business concern under the SBA’s employee-based or revenue-based size standards, or, (ii) meet both tests of the SBA’s “alternative size standard” as of March 27, 2020, which are: (1) maximum tangible net worth of the business is not more than $15 million; and (2) the average net income after Federal income taxes (excluding any carry-over losses) of the business for the two full fiscal years before the date of the application is not more than $5 million, or. The SBA sets the guidelines that govern the 7(a) loan program. After exhausting the funding within 2 weeks, on April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act added $310 billion of funding for loans to be made under the PPP, $60 billion of which is set aside for PPP loans from small banks, community financial institutions, and credit unions. , estimating your losses and financial need, and compiling your business story and community impact. You may call for over-the-phone assistance at any time: 1-800-659-2955. Home and Personal Property Loans If your home or other personal property were damaged in a natural disaster, you could apply for a home and personal property loan with the SBA. On the other hand, if your business wasn’t physically damaged by the disaster, but was closed or inaccessible (as is the case with current coronavirus quarantines), the loan may cover the costs of business income you lost due to the disaster conditions. Be sure to carefully read all fine print and weigh multiple options before applying for an emergency small business loan to help you survive the coronavirus economic disaster. The Interim Rule also makes it clear that the loans will be made on a first-come, first-served basis. Coming off what was a record-breaking year for wildfires and storms in many areas of the country, it’s nice to know the SBA is looking out for small business owners. Collateral is any property or asset of value that a lender can use to balance the weight of a loan if there is substantial risk. For more information about how disasters are classified and declared, turn to FEMA. The FAQs make it clear that borrowers and lenders may rely on the SBA’s guidance in the FAQs and the Interim Rule available at the time of application. There are four main considerations for an SBA disaster loan: location, credit score, repayment ability, and available collateral. Typically, disaster survivors are required to repay SBA disaster loans in full. In cases like the current environment, where the disaster may not be covered by insurance, the SBA specifically administers loans through the Economic Injury Disaster Loan program. Therefore, non-cash benefits, including employer contributions to defined benefit and defined contribution retirement plans, payment for the provision of group health care benefits and insurance premiums, and payment of state and local taxes assessed on employee compensation, are not counted in calculating the cap and, therefore, those non-cash benefits may be included as a payroll cost, even for employees who have cash compensation in excess of $100,000 on an annualized basis. If you’re approved for an SBA disaster loan due to economic losses caused by coronavirus, you will begin receiving your funds fairly quickly. Other circumstances that may qualify businesses for an SBA Disaster Loan include the wildfires in Oregon and California, and hurricanes affecting Louisiana and Texas. SBA disaster loan requirements include: According to DistasterLoanAssistance page on SBA, “After a Presidential disaster declaration, you must first register with the Federal Emergency Management Agency (FEMA). In response to the imminent threat of such catastrophes, the Small Business Administration (SBA) provides loans for those affected by related damage, evacuation, or business closures. SBA (504) Loans… Lenders may also require borrowers to complete additional paperwork. In addition to a traditional installment loan, you may consider a one-time line of credit to help cover payroll or business adjustments (e.g. You will also be assigned a loan officer who will work with you through the duration of your loan. 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