SBA disaster loans available to local businesses

Area businesses and nonprofits who have been impacted by the COVID-19 pandemic can now apply for low-interest loans from the U.S. Small Business Administration’s Economic Injury Disaster Loan program.

“This pandemic is having a huge impact, not only on our citizens and operations, but on our local business community,” said Montgomery County Commission President Judy Dodge. “We want to ensure all our businesses have access to the resources they need to get through these difficult times.”

Loans are available for up to $2 million and can be used to help pay for fixed debts, payroll, accounts payable and other bills that can’t be paid because of the pandemic’s impact.

Interested businesses and nonprofits can apply online at https://disasterloan.sba.gov/ela/. Online applications are preferred, but organizations can also call 1-800-659-2955 and request a paper application by mail.

To ensure a quick application process, applicants should have their most recent federal income tax return and a completed and signed IRS Form 4506T, which authorizes the release of tax information. Other information to have available would be a schedule of liabilities, personal financial statement, monthly sales figures, a current year-to-date profit-and-loss statement, and a year-end profit-and-loss statement and balance sheet for that tax year, if the most recent federal income tax return has not been filed.

Additionally, BusinessFirst! for a Greater Dayton, a collaborative economic development organization spanning across five counties, has compiled information to help local businesses through the pandemic. Those resources are available online at http://bit.ly/BFCOVID-19Resources.