COVID-19 Update: Beaird Harris has shifted a significant number of our team members to work remotely.
We continue to serve and care for our clients, just as we always have, and are available by phone, video or email.

Beaird Harris will be closed on Friday, July 3rd in observance of the Independence Day holiday.

Small Business Administration Loan Program

Updated April 9, 2020

The U.S. Small Business Administration (“SBA”) is offering low‐interest, federal disaster loans to provide working capital to small businesses suffering from economic hardship caused by COVID‐19. A three step guide can be found here.

Here are the pertinent details for most applicants:

  • Under current law this would be a true loan that will need to be repaid. 
  • Many counties in Texas have been declared disaster zones.  To check if your specific county has been declared a disaster zone, click here. Once declared, you can apply for a Economic Injury Disaster Loans (“EIDL”). 
  • The loans can be used to pay payroll and other operating expenses.  It’s important to note that these loans CANNOT be used to refinance existing debt.
  • An EIDL can provide up to $2 million in assistance.  This may change or be supplemented by new types of loans in the bill Congress is currently working through.
  • The SBA will have the final decision on your loan amount, interest rates and years of payback based on your specific situation. However, interest rates on EIDLs will not exceed 4% per year and the term will not exceed 30 years. 
  • The current application process is online. The SBA has streamlined the application process to facilitate the application process.  However, we are still expecting the SBA will request most, if not all, of the information below.  They will contact you to request any additional information needed.  
    • Corporate Governance Documents: Articles of Incorporation, Articles of Organization (for LLC), or Registration of Sole Proprietorship
    • Written statement justifying the nature and scope of economic injury and how/why nature of business was adversely impacted by the Coronavirus (one page/no more than two), such as loss of revenues, cancelled contracts, interrupted supply chain, etc., that resulted in economic injury
    • Current Accounts Payable and Accounts Receivable Aging as of date of filing for the loan
    • Three (3) years’ Federal Income Tax Returns for the business & owners.  If you need copies of your tax returns for this process, please email your tax advisor
    • Three (3) years’ company Income Statement and Balance Sheet and latest year-to-date Financial Statements (Company prepared is acceptable)
    • Monthly two (2) years’ cash flow projections
    • Current copies of owners’ credit reports from the three (3) credit bureaus with explanations for any negative reports

SBA Forms

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