Small Business Resources - COVID-19
The SBA has been authorized by the Federal government to provide low-interest loans directly to businesses to help offset the dip in cash flow (revenues) or other economic impacts (supply chain costs, etc.) caused by the COVID-19 disruption. For this reason, the disaster loans to businesses are called Economic Injury Disaster Loans (EIDL) and these federal loans are designed to help negatively impacted organizations cover their monthly expenses, including commercial loan payments, in order to stay in business during this crisis. The Small Business Association (SBA) is offering several types of low-interest loans, including the Economic Injury Disaster Loan.
The Economic Injury Disaster Loans provide working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19).
Federal Disaster Declaration for Kansas Approved. SBA Assistance Available!
The Kansas Emergency Declaration for the COVID-19 crisis was approved by the federal government today.
We encourage all businesses to review the following application filing requirements in order to expedite the loan application process.
FOR ALL APPLICATIONS THE FOLLOWING ITEMS MUST BE SUBMITTED:
•Loan application (SBA Form 5), completed and signed - this is electronic/online in the portal.
•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; and, for any owner who has more than 50 percent ownership in an affiliate business.
•Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available.
•Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member.
•Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used).
•If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year.
•A current year-to-date profit-and-loss statement.
All of these forms are available in English & Spanish on the Disaster Loan Application Portal: https://disasterloan.sba.gov/ela/Information/PaperForms
Any Kansan needing employment or reemployment services can call (877) 509-6757 to schedule a time to speak to a representative. Messages should include the individual’s name, phone number and email address. Calls will be returned in the order they are received. Services may also be accessed via the live chat function at www.kansasworks.com.
Guidance from the Department of Labor on emergency Unemployment Insurance Filings related to COVID-19 can be found at www.dol.ks.gov/covid19response.
Learn more by visiting K-State Research and Extension Community Development