Small business loans available
The Kansas Emergency Declaration for the COVID-19 crisis was approved by the federal government Saturday according to the U.S. Small Business Administration.
Business owners can now apply for a SBA Economic Injury Disaster Loan online in the Disaster Loan Application Portal at https://disasterloan.sba.gov/ela/.
We encourage all businesses to review the following application filing requirements in order to expedite the loan application process.
For all applications, the following items must be submitted:
- Loan application (SBA Form 5), completed and signed - this is electronic/online in the portal.
- Tax Information Authorization (IRS Form 4506-T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business.
- Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available.
- Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member.
- Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).
- 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.
- A current year-to-date profit–and-loss statement.
All of these forms are available in English & Spanish on the Disaster Loan Application Portal: https://disasterloan.sba.gov/ela/Information/Paper/Forms .
About the SBA Disaster Loan Program:
Economic Injury Disaster Loans (EIDL)
If you have suffered substantial economic injury and are one of the following types of businesses located in a a declared disaster area you may be eligible for an SBA Economic Injury Disaster Loan (EIDL):
- Small Business
- Small agricultural cooperative
- Most private nonprofit organizations
Loan Amounts and Use
Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses and eligible organizations survive until normal operations resume after a disaster.
The SBA can provide up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred. Your loan amount will be based on your actual economic injury and your company's financial needs.
Eligibility and Terms
The interest rate on EIDLs will not exceed 4 percent per year. The term of these loans will not exceed 30 years. The repayment term will be determined by your ability to repay the loan.
EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.
How to Apply
You can apply online for an SBA disaster assistance loan.
You must submit the completed loan application and a signed and dated IRS Form 4506-T giving permission for the IRS to provide SBA your tax return information.
For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail: email@example.com.