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COVID 19 webinar March 16 2020 v2 - sba.gov€¦ · ó í ï ó ñ î ô ð ð ð ^ X µ Z X µ , }...
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U.S. Small Business Administration
Transcript of COVID 19 webinar March 16 2020 v2 - sba.gov€¦ · ó í ï ó ñ î ô ð ð ð ^ X µ Z X µ , }...
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U.S. Small BusinessAdministration
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Agenda
Disaster Loan Assistance from the U.S. SBA
to Small Businesses and Non-Profits
Non-Financial Assistance from the U.S. SBA and our Partners
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How a Disaster is Declared
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Local Emergency Management documents the disaster using SBA criteria
Documentation goes to local government and eventually the Governor’s office
Governor can then declare a state of emergency for Texas
Governor sends declaration and documentation to SBA
If SBA Administrator agrees the SBA Office of Disaster Assistance (ODA) creates a formal disaster declaration
Only at this point is a federal disaster officially ‘declared’ Only at this point can EIDL applications be received
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Economic Injury Disaster Loans (EIDL)
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Loans up to $2 million
Small businesses and private non-profits are eligible
May be used for fixed debts, payroll, accounts payable and other bills affected by the disaster
3.75% interest rate for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible
2.75% for private non-profits
Long-term repayments, on a case by case basis, up to a maximum of 30 years
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How to Apply for EIDL
Typically, for a physical disaster (such as Hurricane Harvey) local Disaster Recovery Centers are used• For the COVID-19 disaster it will be virtual / online• The website for applying for EIDL is www.sba.gov/disaster• You may also contact the SBA disaster customer service center:
• 1-800-659-2955 • e-mail [email protected]• TTY: 1-800-877-8339
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What You Need to Apply• In addition to the loan application:
• Completed IRS Form 4506-Ts:• for owner • each principal that owns 20% or more • each general partner or managing member• each owner who owns more than 50% of an affiliate business
• At least two (2) years complete business tax returns with all schedules• Personal Financial Statement for each applicant• Schedule of Liabilities for all fixed debts
• Optional:• Items above plus 2 years complete financial statements
• P&L, Balance Sheet, Cash Flow• Monthly revenue records for at least 2 years
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The Three Step Disaster Loan Process
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Apply online per previous slide
• Information is verified and credit checked• Forecasts are completed to determine the EIDL amount• A loan officer contacts you to make recommendation and discuss next steps• Decision normally takes up to 4 weeks
Loan Processing Decision
• Sign and Submit Loan Documents• Initial disbursement of $25K within 5 days• A Case Manager is assigned that will help you with the rest
Loan Closes and Funds Disbursed
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Disaster Bridge Loans
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• The application itself• The financial projections• The disbursement
Can be useful while you are waiting on EIDL disbursement
• Up to $25K• Can usually be done quickly• Will be repaid in full or in part by proceeds from the EIDL loan
Your existing bank may offer SBA Express Disaster Bridge Loans
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What If You Don’t Need EIDL or Don’t Qualify?
• Many businesses may not need EIDL.
• If your business is in good financial shape, traditional bank financing may be available from your existing banker / lender
• Local entities unaffiliated with the U.S. SBA may also offer help
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Important Non-Monetary Assistance from SBA
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• Texas Gulf Coast Small Business Development Centers (SBDC)• SCORE Mentors (virtual only)• The Women’s Business Center (WBC)
SBA has three local Resource Partners
• Cash flow management / short term financial management• Messaging / Social Media to stay engaged with customers• Import/Export• Supply Chain• Strategic Planning and Financial Tune-Up; prepare to prosper after the disaster• Planning for further disasters / Risk management / Insurance counseling
A range of help during the downturn, to include:
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Forbearance of Your Existing SBA Loan(Non-Disaster)
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7(a) Loans and Micro Loans
• Lenders may help with temporary cash flow issues by deferring payments
• For 7(a) loans, up to six (6) consecutive months• Unless guarantee has been sold, in
which case 90 days• For micro loans, up to six (6) consecutive
months• Deferment may not cause the loan to
extend beyond the maximum six (6) year maturity
504 Loans
• CDCs may help with temporary cash flow issues by deferring payments
• Up to six (6) consecutive months or 20% of the original loan amount, whichever is less
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Contact Information
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Small Business Development Center713 752 8444Sbdc.uh.edu
Houston SCORE713 487 6565Houston.score.org
Women’s Business Center713 681 9232www.wbea-texas.org/womens-business-center
US Small Business Administration713 773 6500Www.sba.gov/tx/houston
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