SBA Loan Assistance

Overview

Current global conditions have made it difficult for many businesses to survive, pay for overhead, and conduct business as normal. Fortunately, Small Business Administration loans (SBA Loans) are readily available for businesses that qualify. Midwest Accounting LLC can provide your business with the help it needs to understand the SBA Loan landscape. We walk you through the process and help you get the assistance you need.

Midwest Accounting’s Process

We’ll walk you through the process and guide you to an SBA loan.

1. Phone Consultation

2. Gather Items Needed

3. Compile Financial Statements

4. Complete The Application

5. Review SBA.gov Info

1. Phone Consultation

Initial phone discussion to review current business conditions and needs.

2. Relay list of items and tax returns needed for the application process which include the following:

Completed SBA Form 5

(U.S. Small Business Administration Disaster Business Loan Application). 

This form provides basic information about the business, including address, organizational structure (LLC, LLP, C-Corp, etc.) and ownership structure. Make sure to include all owners on this form, as they will also need to provide a signed tax transcript authorization form as another part of the application.

Owners Personal Financial Statement

Each owner included on SBA Form 5 will need to provide a personal financial statement. This statement requires owners to fill out personal information regarding their asset holdings (cash, personal property, personal real estate, etc.) and liabilities (accounts payable, mortgage, car note, etc.). Be advised that this form can be time consuming if you have substantial real estate holdings, investments, or complex liabilities.

Signed IRS form 4506-T

(request for transcript of tax return).

This form is needed for both the business you are applying for and owners included on the SBA Form 5. It authorizes the SBA to request a transcript of two years of tax returns (2018 and 2017). The individual who is filling out the application on behalf of the business can provide an electronic signature on this form. However, it is important that the individual filling out the application has proper signing authority so this electronic signature is valid. The authorization forms for those owners not filling out the application can be provided via signed PDF.

Federal Business Income Tax Return

A copy of the most recent business tax return is required for the application. My company provided 2018, as we have not yet prepared 2019. If you do not have a 2018 tax return available, you will need to provide the most recent year that is available and provide an explanation as to why 2018 is not. Keep this in mind if you are a business who has been traditionally less attentive to tax filings.

Completion of Truthful Information Certification

This is an acknowledgement via e-signature from the individual filling out the application that all information represented is accurate to the best of their knowledge.

3. Compile A Financial Statement

If a Personal financial statement is not available we can work with the client to compile a current version for the application process.

4. Complete the Application

Complete the application process for the client and update them on any further items requested by the SBA Disaster Loan office.

5. Review SBA.gov Info

Provide link to the SBA.gov website to help prospective clients review the government site.

Apply By June 1st, 2020.

Midwest Accounting is ready to be your one-stop accounting team. We’d love to discuss your business with you, and how we can help you optimize your ROI and tax strategy.

Menu