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Update + Relief for Nebraska’s Small Businesses

Recently, the Disaster Center and Small Business Association (SBA) met to discuss whether the state of Nebraska will be declared a disaster area, allowing small businesses to apply for relief loans. To declare the entire state as a disaster area, the Governor’s office must gather a fair amount of documentation.

The Disaster Center indicated that it takes approximately 48 hours to process this request and post the Disaster Declaration. A press release is expected to go out as soon as the Disaster Declaration is issued. Once the declaration is made for Nebraska, small business owners will be able to start the application process at www.sba.gov/disaster. Information available at this time indicates that companies do not currently have to have loans through the SBA program to potentially be eligible for this new loan program.

The Disaster Center is predicting a two to three week turnaround on the SBA loan application approval process. The SBA encourages everyone who thinks they may need to apply to do so, even if the need is not immediate. Business owners should apply online in the Disaster Loan Application Portal at https://disasterloan.sba.gov/ela/. The electronic loan application will be screened by the SBA processing center as received. Below is additional information and a list of requirements from each applicant.

DISASTER BUSINESS LOAN APPLICATION FILING REQUIREMENTS

The following items must be submitted with all completed and Signed SBA loan applications.

  • Tax Information Authorization (IRS Form 4506-T), completed and signed by:
    • each applicant
    • each principal owning 20 percent or more of the applicant business
    • each general partner or managing member
    • for any owner who has more than 50 percent ownership in an affiliate business. (Affiliates include: business parents, subsidiaries, or other businesses with common ownership or management)
  • Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business (if not available, please provide explanation)
  • Personal Financial Statement (SBA Form 413) completed, signed, and dated by:
    • the applicant
    • each principal owning 20 percent or more of the applicant business
    • each general partner or managing member
  • Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used)

Forms:

https://www.sba.gov/document/sba-form-5-disaster-business-loan-application

https://www.sba.gov/document/information-notice-5000-19005-revised-irs-form-4506-t-updated-internal-revenue-service-irs-contact-information

https://www.sba.gov/document/sba-form-413-personal-financial-statement-7a504-loans-surety-bonds

https://disasterloan.sba.gov/ela/Documents/Schedule_of_Liabilities.aspx

Each of these forms are also available in the Disaster Loan Application Portal. If you have any questions or need assistance in completing the online application, please contact the SBA Customer Service Center at 1-800-659-2955.

 

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