Take the steps to business recovery using the SBDC guide to track financial loss and apply for SBA’s economic injury disaster loan program.
The SBA will work directly with state Governors to provide targeted, low-interest loans to small businesses and non-profits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. Please consider tracking business losses as soon as possible (Business Recovery Guide page 27).
Economic Injury Disaster Loan Program: SBA Economic Injury Disaster Loan Assistance Program: Federal Disaster Loans for Businesses, Private Nonprofits, Homeowners, and Renters
From the SBDC’s experience with the 2013 Northern Colorado flood, they recommend you gather key financial documents to be prepared for the application process:
Last three years of federal tax returns for your business. (1) Last three years of personal federal tax returns, (2) A Personal Financial Statement, (3) Articles of Incorporation, and (4) A Business Plan with Financial Projections might be helpful, but probably not required.
Business Recovery Guide: Colorado Small Business Development Center (SBDC) Business owners need to start working on page 27 to track their financial records and losses — these proactive steps are very important.