We are not legal professionals, and cannot provide legal advice. APM Help is a group of AppFolio, Propertyware, Buildium and Property Management experts and are happy to assist in the loan application process.
This blog will be updated as new information comes available.
Last updated: 7 April 2020
SBA Economic Injury Disaster Loan
There are a few loan options available to small business in response to COVID-19. Two of them being the SBA 7A Paycheck Protection Program (PPP) and the SBA Economic Injury Disaster Loan (EIDL). What's the difference? The PPP loan balance is completely forgivable if the company applying meets the specific requirements, EIDL loans are not (aside from the $10,000 grant). Also, the PPP cap is higher at $10 million, as opposed to the EIDL cap of $2 million per organization.
General facts:
- Available to companies with 500 or fewer employees
- Companies with more than 500 employees can still apply if they meet the SBA size standards for their specific industry. Real Estate, Rental and Leasing specifications can be found under Sector 53 (Subsector 531 - 533)
- Upon successful application, up to $10,000 will be issued in advance and will not have to be repaid
- Loan amounts can be up to $2 million with a 3.75% interest rate for small businesses, and 2.75% for private and non-profit businesses
- Check eligibility to apply for this loan on pages 4 and 5 of this document
What documents do I need in order to apply?
All documents required should contain data from 12 months prior to January 31, 2020:
- Gross Revenues
- Cost of Goods Sold
- Lost Rents
- Other reimbursement will receive
- Number of employees
Additional documents that might be requested by your lender:
- SBA Loan Application (SBA Form 5 or 5C)
- Personal Finance Statement (SBA Form 413)
- Schedule of Liabilities (SBA Form 2202)
- Tax Information Authorization (IRS Form 4506T)
- Federal income tax returns for principals, general partners or managing member, and affiliates for 3 years
- If you have not filed your Federal Income Tax Return for 2019 then a year-end-profit-and-loss statement and balance sheet will be required
- A current year-to-date profit-and-loss statement
- SBA Form 1368 showing monthly sales figures (if applicable)
You can start the application process here. If you have any questions or need assistance filling out the related forms, please reach out to APM Help via call/text at 281-949-8755 or email info@apmhelp.com.
