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This fact sheet provides information on the U.S. Small Business Administration's disaster loans available to individuals and businesses affected by severe storms and tornadoes in Massachusetts. It
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How to fill out sba disaster loans fact
How to fill out SBA Disaster Loans Fact Sheet
01
Begin with the basic information: Enter your name, address, and contact information at the top of the fact sheet.
02
Identify the type of disaster: Select the applicable disaster type from the provided list.
03
Specify the date of the disaster: Clearly write the occurrence date of the disaster.
04
Detail your business information: Include your business name, type of business entity, and any relevant identification numbers.
05
Describe the economic injury: Provide a brief explanation of how the disaster has impacted your business financially.
06
List any insurance coverage: Indicate if you have any insurance that covers the loss and specify the coverage details.
07
Include estimated repair costs: Detail any expected costs related to repairs and recovery from the disaster.
08
Review and finalize: Double-check all the information for accuracy before submitting the fact sheet.
Who needs SBA Disaster Loans Fact Sheet?
01
Businesses and non-profit organizations that have suffered economic injury due to a declared disaster.
02
Individuals seeking assistance for recovery from a disaster that has impacted their business operations.
03
Any applicant interested in applying for financial aid from the SBA related to natural or man-made disasters.
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What can an SBA disaster loan not be used for?
Use of proceeds You may not use the funds to upgrade homes or make additions, unless required by the local building code. You may be eligible for up to a 20% loan amount increase above the real estate damage, as verified by SBA, for improvements that will help prevent risk of future property damage.
How does an SBA disaster loan work?
The Small Business Administration (SBA) offers low-interest loans after a declared disaster. The loans can help businesses of all sizes, nonprofit organizations, and individual households. The loans can pay for: Repair or replacement of physical damages.
What can an SBA loan not be used for?
SBA loan funds must be used for legitimate business purposes. You cannot purchase personal assets or pay off personal debts with the loan proceeds. The SBA guidelines specifically state: “An SBA-guaranteed loan cannot be made solely to an individual.”
Can an SBA disaster loan be used for anything?
You may have been referred to SBA after applying for FEMA disaster assistance. If you still have unmet needs, loans may help with home repair or replacement, personal property, vehicles, mitigation, business losses, and working capital for small business and most private nonprofits.
Can I spend my SBA loan on anything?
SBA 7(a) loans are to be used solely for working capital, business expansion, equipment purchases, and debt refinancing. There are additional SBA 7(a) loans specific to commercial real estate. Any use cases outside these areas are generally not allowed.
Is it hard to get approved for an SBA disaster loan?
Qualifying for an SBA loan is generally easier than a traditional bank loan, but that doesn't mean it's a simple process. Applying for these loans takes a lot of effort, including loads of paperwork. Whether you'll qualify will depend on the type of SBA loan you pursue.
Do you have to show receipts for an SBA disaster loan?
They should be in the loan packet the SBA gives you. Save receipts from any purchases you make with your loan for 3 years after your loan has been fully disbursed. You will need to show how you spent 80% of your loan.
What can I spend my SBA disaster loan on?
Homeowners may borrow up to $200,000 from SBA to repair or replace their primary residence. Homeowners and renters may borrow up to $40,000 to repair or replace disaster-damaged personal property, including vehicles. Businesses and non-profits may also borrow working capital.
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What is SBA Disaster Loans Fact Sheet?
The SBA Disaster Loans Fact Sheet is a document provided by the Small Business Administration that outlines the details, requirements, and processes for obtaining disaster loans to assist businesses and individuals affected by natural disasters.
Who is required to file SBA Disaster Loans Fact Sheet?
Individuals and businesses that have suffered economic injury or property damage due to a declared disaster are required to file the SBA Disaster Loans Fact Sheet to apply for disaster loan assistance.
How to fill out SBA Disaster Loans Fact Sheet?
To fill out the SBA Disaster Loans Fact Sheet, applicants need to provide detailed information about their business, the nature of the disaster, the damages sustained, and the financial impact on their operations. Specific forms and instructions are available on the SBA website.
What is the purpose of SBA Disaster Loans Fact Sheet?
The purpose of the SBA Disaster Loans Fact Sheet is to inform applicants about the disaster loan program, including eligibility requirements, loan amounts, interest rates, and how to apply for assistance, helping guide them through the application process.
What information must be reported on SBA Disaster Loans Fact Sheet?
Information that must be reported on the SBA Disaster Loans Fact Sheet includes the applicant's personal and business information, details of the disaster, the extent of damages, the amount of financial loss, and any other relevant documentation as required by the SBA.
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