--- title: Disaster Relief Loan description: Are you a small business that has been directly impacted by COVID-19? Many companies have had to close their doors during this time to protect the safety and health of their employees and patrons. Here at HR Wise we are constantly researching how we can help our clients get through this difficult time. We are … Disaster Relief Loan Read More » --- [![HR-WISE-LOGO-MAIN](https://www.hrwisellc.com/hubfs/HR-WISE-LOGO-MAIN.jpg)](https://www.hrwisellc.com) - [Home](https://www.hrwisellc.com) - [News & Events](https://www.hrwisellc.com/news-events) - [Blog](https://www.hrwisellc.com/hr-wise-blog) - [Contact](https://www.hrwisellc.com/contact) [Request Information](https://www.hrwisellc.com/contact) # Disaster Relief Loan Are you a small business that has been directly impacted by COVID-19? Many companies have had to close their doors during this time to protect the safety and health of their employees and patrons. Here at HR Wise we are constantly researching how we can help our clients get through this difficult time. We are … Disaster Relief Loan Read More » [Admin](https://www.hrwisellc.com/hr-wise-blog/author/admin) May 8, 2024 --- ## Are you a small business that has been directly impacted by COVID-19? Many companies have had to close their doors during this time to protect the safety and health of their employees and patrons. Here at HR Wise we are constantly researching how we can help our clients get through this difficult time. We are looking for solutions and resources. If you are a small business owner whose company has directly been affected by this pandemic then The Small Business Administration may have a solution that fits your company’s needs. They have created a loan specific to this pandemic to provide some relief to businesses who have fixed debts to pay, payroll, accounts payable and bills that could have been paid had this disaster not occurred. With the use of the [Small Business Administration](https://disasterloan.sba.gov/ela/) we have created a simplified version of how to apply for loan, the eligibility requirements and other necessary information. ## Eligibility Requirements Small Business Administration Loans are available to small businesses, small agricultural cooperatives, small agricultural businesses and most private non-profit organizations. This includes: - Businesses directly affected by the disaster  - Businesses that offer services directly related to the busniesses in the declaration - Other businesses indirectly related the industry that are likely to be harmed by losses in their community **Eligible Small Business Examples:** - Hotels & Owners of Rental Properties - Retailers, Souvenir Shops and Wholesalers - Restaurants, Travel Agencies, Recreational Facilities and Sports Vendors **Ineligible Entities:** - Agricultural Enterprises (If the primary activity of the business (including its affiliates) is as defined in Section 18(b)(1) of the Small Business Act, neither the business nor its affiliates are eligible for EIDL assistance). - Religious & Charitable Organizations - Gambling Concerns (Ex: Concerns that derive more that 1/3 if their gross revenue from legal gambling activities) - Casinos & Racetracks (Businesses whose purpose for being is gambling and are not eligible for assistance regardless of criteria listed above ) ## Criteria For Loan Approval - Acceptable Credit History to The Small Business Association - Small Business Association must determine that the applicant will be able to repay the loan - The Business must be physically located in delcared country and suffered working capital due directly from the disaster ## How Much You Can Borrow Once you have reviewed the eligibility requirements and have determined that you obtain the criteria needed to be approved for the loan, now is the time to evaluate whether or not this loan will meet your specific needs. This will be based on how much assistance your business needs, what you plan on using the loan for and whether or not you are willing to provide collateral for the loan.  \*\* REMINDER: Eligibility for working capital loans are based on the size (must be a small business) and type of business and its financial resources **If you are eligible:** - You can qualify for loans up to $2 million - Interest rates: **3.75%** for small businesses and **2.75%** for non-profit organizations - **TERMS: **Up to 30 years  **Collateral** - Loans over **$25,000** require collateral - SBA can take real estate as collateral when available - SBA will **NOT** decline a loan for lack of collateral but requires borrowers to pledge what is available  **How May You Use the Loan Funds?** **Can** be used to Pay: - Fixed Debts - Payroll - Accounts Payable  - Bills that could have been paid had the disaster not occurred **Cannot** be used for: - To Replace Lost Sales - Profits - For Expansion     ## Basic Filing Requirements - Completed SBA loan application (SBA Form 5 or 5C). - Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates. - Complete copies of the most recent Federal Income Tax Return. - Schedule of Liabilities (SBA Form 2202). - Personal Financial Statement (SBA Form 413) **Other Information May Be Rquested Such as:** - Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing member, and affiliates (see filing requirements for more information). - 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 . - Additional Filing Requirements (SBA Form 1368) providing monthly sales figures. (This is especially important for Economic Injury Disaster Loans.) ## How To Apply - Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at [https://disasterloan.sba.gov/ela](https://disasterloan.sba.gov/ela) - Paper loan applications can be downloaded from [sba.gov/disaster](http://sba.gov/disaster) -  Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.  - Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [disastercustomerservice@sba.gov](mailto:disastercustomerservice@sba.gov). ## Similar posts HR Consulting ### [Rounding Rules For Hourly Employees](https://www.hrwisellc.com/hr-wise-blog/rounding-rules-for-hourly-employees) Learn how to simplify payroll and stay compliant with FLSA time rounding rules. Discover best practices, legal considerations, and effective... Chandler Shepherd May 29, 2024 Payroll ### [Payroll Services](https://www.hrwisellc.com/hr-wise-blog/payroll-services-how-to-choose) Is your business looking for a new payroll software? Running payroll can take a lot of time and effort, but there are plenty of payroll services out... Admin May 8, 2024 Payroll ### [5 Reasons To Outsource Payroll Services for Your Small Business](https://www.hrwisellc.com/hr-wise-blog/5-reasons-to-outsource-payroll) 5 Reasons To Outsource Payroll Services for Your Small Business It is time to outsource payroll for your small business. It saves valuable time on... Admin May 8, 2024 ### ![HR Wise Logo No BG](https://www.hrwisellc.com/hs-fs/hubfs/HR%20Wise%20Logo%20No%20BG.png?width=250&height=95&name=HR%20Wise%20Logo%20No%20BG.png) Providing personable and professional human resource and payroll services to businesses that are tailored to support an owner’s primary motivation to grow and succeed at whatever they do.                     ![HR-WISE-LOGO-MAIN](https://www.hrwisellc.com/hubfs/HR-WISE-LOGO-MAIN.jpg) HR Wise, LLC 8399 E. Indian School Rd. Ste. 102 Scottsdale, AZ 85251 ### Site Map - [Home](https://hrwisellc.com/) - [Contact](https://www.hrwisellc.com/contact) - [Careers](https://www.hrwisellc.com/careers) ### Get In Touch - [8399 E. Indian School Rd. Ste. 102 Scottsdale, AZ 85251](https://www.google.com/maps/place/HR+Wise+llc/@33.4945541,-111.9006222,15z/data=!4m2!3m1!1s0x0:0x9ce11d629fb94537?sa=X&ved=1t:2428&ictx=111) - [info@hrwisellc.com](mailto:cshepherd@hrwisellc.com) - (855) 353-1035 © 2024 HR Wise, LLC All rights reserved. [Powered by Atlas - a B2B SaaS HubSpot theme](https://www.kalungi.com/atlas-hubspot-theme-for-b2b-saas-software) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Admin", "url" : "https://www.hrwisellc.com/hr-wise-blog/author/admin" }, "dateModified" : "2024-05-08T18:14:50.468Z", "datePublished" : "2024-05-08T18:14:50.000Z", "headline" : "Disaster Relief Loan", "mainEntityOfPage" : { "@id" : "https://www.hrwisellc.com/hr-wise-blog/disaster-relief-loan", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://www.hrwisellc.com/hubfs/HR-WISE-LOGO-MAIN-1.jpg" }, "name" : "HR Wise llc" } } ```