[HDF]

Yes. Also be prepared to only have an initial 25k, if approved, dispersed FIRST, then balance later. Assuming things hold form with the past. Which is very fluid at the moment. West is right, time to act is now. Historic time to pick up the phone or revisit clients/prospects. If suitable, down sell to bridge or interim financing.

[Southern_Funding]

You can check if the merchant is eligible before creating an account by searching their state and county correct? Also are there any other qualifications? I would like to pre-qualify if possible

[WestCoastFunding]

You can check if the merchant is eligible before creating an account by searching their state and county correct? Also are there any other qualifications? I would like to pre-qualify if possible

Just need to see if the state is approved yet. Basically needs to be creditworthy as show they were successful before the disaster. Also have to prove that credit isn’t available elsewhere. Have to have all of financials ready (tax returns, income statements, balance sheets, A/R etc). Have to prove that they’ve been damaged economically. And it’s going to take months. I’m talking 3+ because there is no way they are staffed up for this. Also remember that about 90% of disaster loans historically have gone to individuals that had personal property claims, not business applicants. Among business applicants the approval rates have been a little less than 50%.

[Michael Slabitcher]

You can check if the merchant is eligible before creating an account by searching their state and county correct? Also are there any other qualifications? I would like to pre-qualify if possible

https://disasterloan.sba.gov/ela/Declarations

[cmarks]

https://disasterloan.sba.gov/ela/Declarations

Has anyone heard of any owners getting approvals yet for the Disaster Loans? Are they getting feedback from SBA for application process?

[sigmundpannu]

Has anyone heard of any owners getting approvals yet for the Disaster Loans? Are they getting feedback from SBA for application process?

It’ll take at least 3-4 weeks for the earliest of applicants to hear anything. Every day that goes by that timeframe increases due to the sheer volume of applicants.

[WestCoastFunding]

Has anyone heard of any owners getting approvals yet for the Disaster Loans? Are they getting feedback from SBA for application process?

Honestly, expect to see everything move away from the Disaster Loan Program and towards a beefed up SBA Express. The Disaster Loan program should never have been the the used to help in this situation. The SBA loan officers are few and they just don’t have enough to handle it. When things move toward the SBA Express you then unleash tens of thousands of bank SBA loan underwriters who are proficient in this stuff. Not saying the disaster loan program is useless, but ..... well yeah, actually it’s almost useless.

[cmarks]

Honestly, expect to see everything move away from the Disaster Loan Program and towards a beefed up SBA Express. The Disaster Loan program should never have been the the used to help in this situation. The SBA loan officers are few and they just don’t have enough to handle it. When things move toward the SBA Express you then unleash tens of thousands of bank SBA loan underwriters who are proficient in this stuff. Not saying the disaster loan program is useless, but ..... well yeah, actually it’s almost useless.

Yea understand, had a guy apply for both, but can they accept both if approved?

[Kevin Henry-Seacoast]

Honestly, expect to see everything move away from the Disaster Loan Program and towards a beefed up SBA Express. The Disaster Loan program should never have been the the used to help in this situation. The SBA loan officers are few and they just don’t have enough to handle it. When things move toward the SBA Express you then unleash tens of thousands of bank SBA loan underwriters who are proficient in this stuff. Not saying the disaster loan program is useless, but ..... well yeah, actually it’s almost useless.

SBA is a great program used properly. The challenge right now is getting any of them approved at any level with any institution. You better give your client options in this environment because time is not their friend. Use your head and give them several available financing options that have CERTAINTY to close.

[WestCoastFunding]

SBA is a great program used properly. The challenge right now is getting any of them approved at any level with any institution. You better give your client options in this environment because time is not their friend. Use your head and give them several available financing options that have CERTAINTY to close.

The legislation I’ve seen would have the enhancement will increase the govt guarantees to 100%. If that ends up being the case, I don’t see why any institution would have issues approving qualified borrowers.

[Michael Slabitcher]

You can check if the merchant is eligible before creating an account by searching their state and county correct? Also are there any other qualifications? I would like to pre-qualify if possible

SBA Updates Criteria on States for Requesting Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)

Release Date:
Tuesday, March 17, 2020

Contact:
Jennifer.Kelly@sba.gov, (202) 205-7036

- Faster, Easier Qualification Process for States Seeking SBA Disaster Assistance. Historically, the SBA has required that any state or territory impacted by disaster provide documentation certifying that at least five small businesses have suffered substantial economic injury as a result of a disaster, with at least one business located in each declared county/parish. Under the just-released, revised criteria, states or territories are only required to certify that at least five small businesses within the state/territory have suffered substantial economic injury, regardless of where those businesses are located.

- Expanded, Statewide Access to SBA Disaster Assistance Loans for Small Businesses. SBA disaster assistance loans are typically only available to small businesses within counties identified as disaster areas by a Governor. Under the revised criteria issued today, disaster assistance loans will be available statewide following an economic injury declaration. This will apply to current and future disaster assistance declarations related to Coronavirus.