SBA Disaster Loan Information

The Small Business Administration is offering assistance in response to the Coronavirus. Small business owners in all U.S. states and territories are currently eligible to apply for a low-interest loan due to Coronavirus (COVID-19).

GSCPA has created an area in our COVID-19 Business Center specifically for SBA Disaster Loan Information. The following lists, white papers and resources are made available to you and your clients.

SBA CARES Act Loan Checklist – This checklist provides you with what information you will need to have prepared for your loan application.

CARES Act Overview – This PDF gives an overview of the CARES Act, including information on the “Paycheck Protection Program” loans, who qualifies, loan forgiveness, the maximum amount of loan, loan period, Governmental Guarantee and on subsidy/deferment for existing loans.

The Three-Step Process: Disaster Loans – This PDF walks CPAs and business owners through the process of applying for a disaster loan, verifying property and loan processing decisions, and what happens when the loan is closed and funds disbursed.

U.S. Chamber of Commerce Checklist –The U.S. Chamber of Commerce has released a comprehensive checklist for business owners answering frequently asked questions from business owners, including, “Am I eligible?”, “What will lenders be looking for?” and “How much can I borrow” are answered within the checklist.

U.S. Department of The Treasury has created an area of their site dedicated to The CARES Act and the Paycheck Protection Program with a listing of tools and resources for both borrowers and lenders.

While this list is not fully comprehensive of all the information out surrounding SBA loans, it is an excellent start to understanding how they are operating. As more information and assistance are made available, we will continue updating this area of our web page.

Stay tuned to GSCPA for more information.

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