SBA Funding Relief - Does your State Qualify?

March 24, 2020


In these trying and unpredictable times, you may be wondering how your Pilates business can weather the storm, and for how long that may be. It takes everyone working together to solve a problem like this. We will offer suggestions to you from time to time and hope they might be helpful. Let us know if they are.

One option for you may be to apply for an SBA disaster loan. Your business must be located in an area that's already considered a disaster area. For the most updated list of states eligible to apply please check the Current Declared Disasters page on the SBA website.

If your state is not on this list, recommend it to be so declared with your state, county, or city authorities. Once your area is classified as a disaster area, you are eligible to apply.

Some things to consider:

  • Start to put together a “financial package” of information on your business’s financial performance.
  • Start collecting your financials immediately, even if you're not located in a disaster area, so that when the time comes, you can show how your business has been adversely impacted.
  • Prepare a written summary on how this disaster has financially impacted your business.
  • Include in your financial package your 2019 year-end financials, your year-to-date 2020 balance sheet and income statement, and your last three years of tax returns.
  • Compile your monthly financials for 2018, 2019, and 2020 thus far to show the downward trend in revenue/profit for the business.
  • Save a copy of your city’s, county’s or state's official recommendation to close specific industries or businesses. If there is not an official document/article, save article copies of other competitors and yours (if available) having to close down due to the virus.
  • Send a written request to your current loan lender asking for a deferment and save a copy of the response.

If you believe your business qualifies:

Call the SBA at 1-800-659-2955
Email the SBA disastercustomerservice@sba.gov
Or APPLY ONLINE HERE.  


Not yet a member of your professional association? Learn more on how to become one.


 

 

Back to Blog




Category: Business