As a Las Vegas small business itself, Doyle Law Group understands the stress and pressure that everyone is feeling right now. If you are lucky enough to be an essential business under Governor Sisolak’s order, you are probably already feeling the economic squeeze. Many of your customers are being laid off, and the rest are avoiding coming into your business to purchase your goods or services. The good news is that there is some relief available, and Doyle Law Group is here to help.
As a of the economic impact that the Coronavirus has caused here in Nevada, the SBA has offered relief to small business owners in the form of reduced interest rate loans. Nevada is one of the first states to offer such relief and it couldn’t have come at a better time.
If you are a small business or a private non-profit, the SBA will offer up to $2,000,000.00 in loans. The interest rates have been reduced to 3.75 percent for small businesses and 2.75 for non-profits.
The loans are not provided by banks, but through the SBA directly. The eligibility requirements are credit history, ability to repay as determined by the SBA, and the business must be directly located in the effected county and has suffered working capital losses due to the declared disaster.
The application consists of:
• Completed SBA loan application (SBA Form 5).
• Tax Information Authorization (IRS Form 4506T) for the applicant, principals and affiliates.
• Complete copies of the most recent Federal Income Tax Return.
• Schedule of Liabilities (SBA Form 2202).
• Personal Financial Statement (SBA Form 413).
The application can be completed online at https://disasterloan.sba.gov/ela/. The deadline to apply is December 17, 2020.
The application process can be somewhat difficult, especially if you don’t have a long history of profitability or financial statements. If you are having difficulty completing the application, Doyle Law Group is offering flat fee assistance that is only paid upon approval of funds. If you don’t get approved for a loan, you don’t pay. Please contact us at 702-706-3323.