[Updated 3/31/2020] The SBA is confirming that small businesses must fill out the new application to receive the $10,000 EIDL Loan advance/grant. This is true event if a small business has already completed one of the prior EIDL Loan applications. This is true if a client has already been decline for an EIDL Loan.
[Updated 3/30/2020] New SBA Disaster Loan Information Page
[Updated 3/20/2020] Disaster Economic Injury Deferment Checklist (PDF)
Governor Mike DeWine, Lt. Governor Jon Husted, and Ohio Development Services Agency Director Lydia Mihalik today announced that the U.S. Small Business Administration (SBA) has qualified the State of Ohio for the Economic Injury Disaster Loan program.
As a result, Ohio businesses and non-profits economically impacted by the outbreak of COVID-19 may now apply for a low-interest loan of up to $2 million to help pay for fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. You can apply for the loan online at https://disasterloan.sba.gov/ela/, which is recommended, or by calling 1-800-659-2955 to have an application mailed to you.
To expedite the application process, applicants should have ready complete copies of their most recent federal income tax return and a completed and signed IRS Form 4506T, which authorizes the release of tax information. Additional information to have available would be a schedule of liabilities, personal financial statement, monthly sales figures, a current year-to-date profit-and-loss statement, and a year-end profit-and-loss statement and balance sheet for that tax year if the most recent federal income tax return has not been filed.
As efforts to combat the outbreak of the COVID-19 virus continue, Governor DeWine and his administration will continue to identify ways to support the state’s small businesses and nonprofits. For the latest and most accurate information regarding the COVID-19 outbreak, please visit Coronavirus.Ohio.Gov or call 1-833-4-ASK-ODH.
Ohio Development Services Agency Business Services Division Team
[Updated 3/20/2020] U.S. Small Business Administration Fact Sheet – Economic Injury Disaster Loans
Additional Federal and State Assistance for Small Businesses
- Guidance for Businesses and Employers to Plan and Respond to Coronavirus Disease 2019 (COVID-19)
- SBA Resource Partners are ready to help with no-cost, one-on-one business counseling regarding COVID-19.
- Visit Coronavirus.gov for the latest official health information and for a full list of the nation’s whole-of-government response, including safety, business and tax tips, worker assistance and more
- The Ohio Department of Job and Family Services has extended unemployment benefits for those impacted by Coronavirus – Here’s how to apply
- The Ohio Department of Job and Family Services has also updated unemployment insurance benefits to reflect the impact of Coronavirus.
- Other Ohio government efforts pertaining to Coronavirus response can be found here.
[Updated 3/19/2020] SBA Disaster Loan Assistance Application Now Open
Today Ohio has been declared a disaster state, therefore making Ohio businesses and non-profits statewide eligible to apply for Economic Injury Disaster Loan assistance. Please understand that these will be loans, requiring repayment. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Loan rates are expected to be 3.75% for businesses and 2.75% for non-profits with long-term repayments in order to keep payments affordable. Terms will be determined on a case by case basis.
What you need to know about Economic Injury Disaster Loans (EIDLs)
- These loans are only intended as working capital loans utilized to assist with impact caused by the coronavirus emergency efforts. The EIDL’s are not for other purposes such as expansion, new equipment, property purchases, etc. that do not have anything to do with the national emergency we are facing
- Loan applications will be evaluated by SBA loan officers. Criteria includes:
- Credit history acceptable to the SBA
- Repayment abilities
- Eligibility – businesses in a declared state/county, suffered working capital losses due to the declared disaster (not a general downturn in business due to the economy or other reasons
- Paper application can be submitted but this will slow the process considerably
Documents you need to complete application
- Completed SBA Loan application
- Tax Information Authorization for the applicant, principals, and affiliates
- Complete copies of the most recent Federal Income Tax Return (including all schedules)
- If 2019 has not been filed, you will need a year end profit and loss statement and balance sheet.
- Schedule of Liabilities
- Personal Financial Statement
- Current Year-to-Date Profit and Loss statement
You can apply online for all types of SBA disaster assistance loans. The online application is the fastest method to receive a decision about your loan eligibility. You have the option of submitting a paper application by mail. For either application, 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.
You may also apply in person at any Disaster Recovery Center and receive personal, one-on-one help from an SBA representative. For information or to find a location near you, please contact our Customer Service Center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com.
Required Information to Complete the Application
After a Presidential disaster declaration, you must first register with the Federal Emergency Management Agency (FEMA). To obtain a registration number, call FEMA at 1-800-621-3362 (TTY: 1-800-462-7585) or visit DisasterAssistance.gov.
The following information is required to complete the SBA online application:
- Contact information for all applicants
- Social security numbers for all applicants
- FEMA registration number
- Deed or lease information
- Insurance information
- Financial information (e.g. income, account balances and monthly expenses)
- Employer Identification Number (EIN) for business applicants
Application & Additional Forms:
- ELA0-Loan Application
- ELA0-Monthly Sales Figures
- ELA0-Personal Financial Statement
- ELA0-Request for Transcript of Tax Return
- ELA0-Schedule Of Liabilities
- ELA-Request for Transcript of Tax Return Form 4506T
- SBA Form 2202 Instructions
How to Repay a Disaster Loan
To make a one-time payment or schedule recurring monthly payments, register on Pay.gov and select the 1201 Borrower Payments option.
There are several ways you can make a payment on your disaster loan: by phone, by mail or online. To make a payment, contact the SBA disaster customer service center at 1-800-659-2955 (TTY: 1-800-877-8339). There is no fee for this service.
You may also send a check or money order to the SBA. Please include your loan number on your check and your payment coupon, if available. Make your check payable to the U.S. Small Business Administration.
• American Samoa (AS)
• Federated States of Micronesia (FM)
• Guam (GU)
• Hawaii (HI)
• Northern Mariana Islands (MP)Mail payments to:
U.S. Small Business Administration
P.O. Box 29140
Honolulu, HI 96820-1540
U.S. Small Business Administration
P.O. Box 3918
Portland, OR 97208-3918