What documents do I need to apply?
The online loan application is designed to be simple. You’ll need to know your business’s gross revenues and cost of goods sold for the 12 months that ended Jan. 31, 2020.
Sections on the application:
This section describes the loan and states that the information collected will be used to determine whether you are eligible. It includes a warning that if you do not provide all requested information, your loan will not be processed, as well as a reminder that the SBA is relying on your self-certification of eligibility to receive the advance (if you apply) and that there is a perjury penalty if you are not truthful. After verifying your eligibility on the Disclosure page, you will continue to a Business Information section.
This section is the longest, and requires your income statement as of January 31, 2020. It is important to note that not all answers are required. Sections marked with a red star must be filled out. If not so marked, only fill them out if they apply to your business.
Business Owners Information
Here you will need to indicate whether your business is fully owned by another business. If owned by individuals, you need to provide information on each owner with a 20% stake or more. Information requested will include:
- Social Security Number
- Citizenship status
- Street address
This section includes questions about criminal charges against any owners, then proceeds to submission of the application. Before submitting, check the box if you want to be considered for the up to $10,000 advance.
NOTE: Double-check your bank information to ensure a smooth process when it comes to direct deposit of your funds. When the agency processes your loan, it may request additional material, including federal tax returns and a year-to-date profitand-loss statement.