Economic Injury Disaster Loan (EIDL) Assistancehttps://www.broomfieldchamber.com/wp-content/themes/osmosis/images/empty/thumbnail.jpg 150 150 Pat Monacelli Pat Monacelli https://secure.gravatar.com/avatar/ad0482392864c0b915c61928e242ab53?s=96&d=mm&r=g
Appointments are now available at the Broomfield Chamber of Commerce for assistance with the ECONOMIC INJURY DISASTER LOAN (EIDL) application process. This service is available to Chamber members and non-members.
Governor Jared Polis has announced that all 64 counties in Colorado have been approved to enable loan applications for Economic Injury Disaster Loans through the Small Business Administration. As part of our efforts to assist the Broomfield Business Community during the COVID-19 pandemic, we offer the following information to assist you with the navigation of the application process. While you absolutely can complete the process on your own, please note that the Chamber will also be providing one-on-one assistance sessions by appointment in our Chamber office.
Tammy will be available to assist you beginning at 8:00am on Monday, March 23rd. Please email her at Tammy.Whitaker@BroomfieldChamber.com to schedule an appointment. Please refer to the below list for the basic guidelines outlining all necessary information needed to complete the application and allow a minimum of 30 minutes for your appointment.
1. You can apply online at SBA’s secure website at http://www.disasterloan.sba.gov.ela or by mail. Hard copy applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., FT. Worth, TX 76155-2243.
2. If you are applying online (highly recommended and encouraged) with assistance from the Chamber, it is recommended that you bring your laptop to the appointment.
3. As a small business, you may apply for a maximum EIDL business loan of $2 million.
4. The interest rate for an EIDL loan will not exceed 4%.
5. The repayment term for the loan cannot be more than 30 years. Your repayment term will be determined by your ability to repay.
6. An SBA loan officer will work with you to provide all the necessary information needed to reach a loan determination. The more complete your application, the more quickly a determination can be made. Their goal is to arrive at a decision on your application within 2 – 3 weeks.
7. A loan officer will contact you to discuss the loan recommendation and your next steps. You will also be advised in writing of all loan decisions.
8. SBA will prepare and send your loan closing documents to you for your signature. Once you sign and return the documents an initial disbursement will be made within 5 days. Depending on the amount requested, the loan may be disbursed in installments rather than as a whole, i.e. $25000 as working capital for an EIDL request.
FORMS TO COMPLETE AND DOCUMENTATION REQUIRED TO APPLY (it is advised that you gather all documents and needed information prior to starting an online application to avoid server errors or time-outs):
1.SBA Form 5 – Business Loan Application
2. SBA 159D – Fee Disclosure Form and Compensation Agreement – only if you are using a third-party agency that is charging for their assistance in completing the EIDL application. As a value-added benefit to the Broomfield business community, the Chamber will NOT be charging for this service.
3. IRS Form 4506-T – Tax Information Authorization (complete and signed by Applicant business, and each principal owning 20% of more of the business, each general partner or managing member, and for any owner who has more than a 50% ownership in an affiliate business, including business parent, subsidiaries, and/or businesses with common ownership or management).
4. Complete copies, including all schedules, of the most recent Federal income tax returns for the business (or an explanation if not available). If the most recent Federal tax return has not been filed, a year-end profit and loss statement for that year is acceptable. If multiple partners or managing members, you must provide Federal tax returns for any principal owning 20% or more of the business, each general partner or managing member, and each affiliate when any owner has more than a 50% ownership in the affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.
5. A current year-to-date profit and loss statement.
6. SBA Form 413D – Personal Financial Statement (provide for the applicant if a sole proprietorship, or for each principal owning 20% or more of the business, each general partner or managing member)
7. SBA Form 2202 – Schedule of Liabilities (listing all fixed debts)
8. SBA Form 1368 providing monthly sales figures will be required when requesting an increase in the amount of economic injury.
If you need more information, please contact Tammy Whitaker at the Chamber.