- Apply online at the SBA's secure website: https://disasterloan.sba.gov/ela/
- As a small business, small agricultural cooperative, small business engaged in aquaculture, or private non-profit organization, you may borrow up to $2 million for economic injury.
- As a small business, you may apply for a maximum business loan of $2 million.
- SBA reviews your credit before conducting an inspection to verify your losses.
- An SBA verifier will estimate the total physical loss to your disaster-damaged property.
- A loan officer will determine your eligibility during processing, after reviewing any insurance or other recoveries. SBA can make a loan while your insurance recovery is pending.
- A loan officer works with you to provide all the necessary information needed to reach a loan determination with the goal of arriving at a decision about your application within 2-3 weeks.
- A loan officer will contact you to discuss the loan recommendation and your next steps. You will also be advised in writing of all loan decisions.
- SBA will prepare and send loan closing documents to you for your signature.
- Once SBA receives the signed loan closing documents, an initial disbursement will be made to you within 5 days. (Economic injury: $25,000)
- A case manager will be assigned to work with you to help you meet all loan conditions. They will also schedule subsequent disbursements until you receive the full loan amount.
- Your loan may be adjusted after closing due to your changing circumstances, such as increasing the loan for unexpected repair costs or reducing the loan due to additional insurance proceeds.
The following documents are required to process your application and reach a loan decision. Your loan officer and case manager will assist you to ensure you submit the proper documentation. Approval decision and disbursement of loan funds is dependent on receipt of your documentation.
- Business Loan Application (SBA Form 5) completed and signed by business applicant
- IRS Form 4506-T completed and signed by applicant business, each principal owning 20% or more of the applicant business, each general partner or managing member and, for any owner who has more than a 50% ownership in an affiliate business (affiliates include business parent, subsidiaries, and/or businesses with common ownership or management)
- Complete copies, including all schedules, of the most recent federal income tax returns for the applicant business or an explanation if not available
- Personal Financial Statement (SBA Form 413) completed, signed and dated by the applicant (of a sole proprietorship), each principal owning 20% or more of the applicant business, each general partner or managing member
- Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used)
Additional information may be needed to process your application:
- Complete copies, including all schedules, of the most recent federal income tax returns for each principal owning 20% or more of the applicant business, each general partner or managing member and, each affiliate when any owner has more than a 50% ownership in an affiliate business (affiliates include business parent, subsidiaries, and/or businesses with common ownership or management)
- 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 is acceptable.
- A current year-to-date profit and loss statement
- Additional Filing Requirements (SBA Form 1368) providing monthly sales figures
SBA Three-Step Process: Disaster loans
Additional information, including required documentationDownload