SBA disaster loan assistance application: An update

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If you are a small business owner in the U.S., it is probably a safe bet that you and/or your customers have been impacted in some way by the COVID-19 pandemic. High Rock Accounting is no different and applied for an SBA Economic Injury Disaster Loan (EIDL) at the first opportunity available as a result (see our article detailing this process here) . Unfortunately, those of us that were early movers now have to re-apply using the new, “streamlined” EIDL application platform provided by the SBA.

As of this morning, High Rock re-applied for the SBA EIDL. The process took substantially less time to complete due to two factors: 1. The website moved at a normal browsing speed, and 2. The information required to submit an application was noticeably reduced. With regard to the latter, this time all we had to provide was:

1. Eligibility verification based on a multiple-choice question from the SBA.

  • Our reason was that we are a business with not more than 500 employees (all available answers are all pre-populated).

2. Basic business information, including:

  • Business name, EIN, organization type
  • Gross revenues and cost of goods sold for the 12 months prior to Jan. 31, 2020.
  • Business address, nature of activities and established date of the business

3. Basic business owner information, including:

  • Name, phone number and title
  • Ownership percentage, Social Security number, birth date and address.

4. Additional information, including:

  • Whether the business is applying for the $10,000 grant advance
  • Banking information where the grant advance is to be sent.

As of yet, we are still in a waiting game to get a response from the SBA on our application. We’ve received acknowledgement via the website that our application was submitted, along with an assigned application number. We have not yet received an email acknowledgement or any communication as to how long the review process will take or how much will be awarded (if anything). For now, we are crossing our fingers that the SBA is able to support small businesses like ours effectively during this difficult time.

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Coronavirus Small business lending SBA