How to Apply for SBA Disaster Loan?
Usually, SBA Loan can be applied for working capital and towards normal expenses that cover healthcare, rent, utilities, and fixed debt payments. These are those kinds of expenses that could have ideally been met had the situations been normal.
There are different types of Disaster SBA Loans which include-
- Mitigation assistance
It covers flood, wind, wildfire, earthquake mitigation loans. Assistance is provided to people who face such circumstances.
- Economic injury disaster loans
SBA Economic Injury Disaster Loan can be filled in for small businesses, small agricultural co-operative and most non-profit private organizations.
- Physical damage loans
Home and personal property loans and business physical disaster loans come under the physical damage loans.
- Military reservist loan
SBA loans are also applicable for losses that are not covered under other personal and business expenses. It also includes those loans that could have been met had the COVID-19 disaster not occurred.
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Disaster loan application form is available online. Follow the below process to fill it,
- – Fill the online application with the requisite information.
- – Attach all the necessary documentation required for preparing the loan application.
- – Your credits would be reviewed by SBA and if necessary further documentation would be requested.
- – If your loan is approved, you can either accept it or decline it, based on your necessities.
- – After 11 months, disaster loan repayments will begin for the applicant.
How to fill out an SBA disaster loan application for an independent contractor?
To fill out the SBA disaster loan application form check out the below process and follow it step by step to ensure your application can be completed with all the information.
– Disclosures need to be filled.
- Firstly, select the type of business you do.
- You will have to check all those boxes which make you eligible for application.
– Information about your business
- Legal Name of the applicant
- Phone number of your business
- Gross income values, cost of goods sold, and all the compensations received from other business sources.
– Business owner’s application and other additional information needs to be filled
It would cover every other detail about the business owner and also additional information encircling your business.
How to check the status of the SBA disaster loan application?
To track the loan application, users can follow the below three processes;
- – Through the SBA website, registered users can check their Covid-19 SBA loan application status online.
- – If by chance, you have mailed them your application, then checking the application status over the phone is the best method. You have to call 1-800-659-2955.
- – You can email them at [email protected]
How to login for the SBA Loan application?
To enter the SBA site, you need the first register with the site. Register yourself on the SBA site.
- – Enter your first name and last name in the SBA form.
- – You must enter your email address and once again you have to re-confirm your email address.
- – Click on the blue Next button.
- – On the next page, you need to create a password.
- – You will receive a confirmation message and then,
- – Once you click on the confirmation link, you can do a status login or sign in to the site with your email and password.
How to cancel the SBA loan application?
To cancel the loan application form, follow the below steps.
- You must send in your request via email to [email protected].
- Must include your loan name and number in the application.
- You can also call them to cancel the loan application.
- You can also cancel the loan application from the site where you applied for it. Check the status of the application and before SBA begins reviewing, you can cancel it from the site.
- If the loan is already under review, you can wait for an officer to contact you. Once they contact you, you can tell them about your plan and can request cancellation as instructed by the officer.