With the current economic environment due to COVID-19, small business loans will be be made available through the SBA for those businesses impacted.
Commerce staff have compiled a list of common SBA Loan Application FAQ’s Companies needing assistance with the application forms and economic development organizations providing assistance to businesses in their communities should contact Ray Little at ray.little@okcommerce.gov or 405-815-5227.
SBA application site- https://disasterloan.sba.gov/ela/
SBA Loan FAQs
Q: Where will I have to go to discuss my SBA Loan?
A. SBA Meeting will be done through a Virtual Meeting
Q. What happens if my loan is not approved?
A. Any Declined Loan will get a 2nd pass at a local office
Q. If I am approved for a loan now, what happens if I need more money later?
A. Approval of a loan now does not eliminate another loan later
Q. My company is made up of multiple entities with multiple tax returns, can I fill out one application
A. Multiple tax returns require multiple applications
Q. What do I pay with the loan?
A. These loans are for working capital, please pay payroll first.
Q. How will I get paid?
A. The first $25,000 will be direct deposited, after that the payment will be to fulfill the needs through a discussion with the underwriter *disclaimer subject to change based on SBA discretion.
Q. I don’t know how much I need?
A. The SBA’s recommendation is to ask for more than needed and only take draws when needed.
Q. Some of the questions on the application do not apply to me, what do I do?
A. Don’t leave blanks on the application, please call the help number at the bottom of the page for assistance
Q. Do I qualify as a small business?
A. The definition of a small business is determined by industry, see https://www.naics.com/sba-size-standards/ for detailed information
Q. Will the loan expect collateral?
A. Loans of $25,000 or more may require collateral depending on circumstances, please go ahead and fill out the application. If collateral is required it will be upon approval.
Q. What qualifies a business to apply?
A. Generally an EIN number is required, however, if you are concerned whether you qualify, please call 1-800-659-2955 for detailed information
Q. My farm has been impacted by this disaster, can I apply?
A. For questions regarding agriculture loans please contact Scott Biggs with Farm Services at 405-742-1130, There is currently no USDA declaration, however they are interested in hearing from impacted entities
Q. What documents will I be required to submit for the loan?
- Documentation generally required: Forms listed at https://disasterloan.sba.gov/ela/Information/Paperforms
- Application – Form 5- https://bit.ly/2QxWoGI
(en Español) https://bit.ly/3dnM2mH - Economic Injury Form SBA 1368 – https://bit.ly/398ff1e
(enEspañol) https://bit.ly/2Qxl02n - EIN information
- Insurance Information
- Company Financial Statement and Tax Information Form 4506-T https://bit.ly/2QOOyZx
- Owner last year tax form https://bit.ly/2xYngcv
- Social Security Numbers for all applicants
- SBA Form 2202 Schedule of Liabilities https://bit.ly/2xa16DM (en Español) https://bit.ly/2UrUIzo
Please see https://disasterloan.sba.gov/ela/Information/Applyonline for more information or visit https://www.sba.gov/disaster-assistance/coronavirus-covid-19
Information that may not be required with Initial Application
- FEMA Number
- Deed or lease information, only required if collateral required
SBA Contact information – Hotline Number 1-800-659-2955 Email disastercustomerservice@sba.gov
