Thanks to all that helped expedite the process. Today Ohio has been declared a disaster state, therefore making Ohio businesses and non-profits statewide eligible to apply for Economic Injury Disaster Loan assistance. Please understand that these will be loans, requiring repayment. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Loan rates are expected to be 3.75% for businesses and 2.75% for non-profits with long-term repayments in order to keep payments affordable. Terms will be determined on a case by case basis.
What you need to know about Economic Injury Disaster Loans (EIDLs)
These loans are only intended as working capital loans utilized to assist with impact caused by the coronavirus emergency efforts. The EIDL’s are not for other purposes such as expansion, new equipment, property purchases, etc. that do not have anything to do with the national emergency we are facing.
Loan applications will be evaluated by SBA loan officers. Criteria includes:
Credit history acceptable to the SBA
Eligibility – businesses in a declared state/county, suffered working capital losses due to the declared disaster (not a general downturn in business due to the economy or other reasons.
Paper application can be submitted but this will slow the process considerably
Documents you need to complete application
Completed SBA Loan application
Tax Information Authorization for the applicant, principals, and affiliates
Complete copies of the most recent Federal Income Tax Return (including all schedules)
If 2019 has not been filed, you will need a year end profit and loss statement and balance sheet.