The Early Bird Gets the Worm: Small Businesses Intending to Seek SBA Disaster Assistance Loans Should Start that Process Now

The governors of Missouri and Kansas are working hard to establish disaster assistance programs to help small businesses obtain SBA loans for economic injuries caused by COVID-19.  We anticipate these declarations will be made any day.  Once those declarations are made, the SBA will accept statewide applications for SBA loans.  However, there is no reason for small businesses in Missouri or Kansas to wait for these declarations before starting to prepare an SBA loan application.

In applying for a disaster assistance SBA loan, small businesses will be asked to submit various documentation related to tax reporting, finances, profits and losses, present liabilities, monthly sales figures and more.  If you are a small business that is suffering economic injury related to COVID-19, please reach out to Kennyhertz Perry about the SBA loan application process and the documents you’ll need to gather to complete this loan application process.  Kennyhertz Perry can assist you in making sure your ducks are in a row before you and other small businesses start this application process.\

These SBA loans can be up to $2 million, with a maximum term of 30 years, at an interest rate of 3.75% (non-profits can obtain disaster assistance loans at an interest rate of 2.75%).  Among other underwriting rules and regulations of the SBA, the small business must be able to demonstrate that it cannot obtain credit from any other source.  Kennyhertz Perry can assist you in determining your businesses’ qualification for an SBA disaster assistance loan.

To learn more about Kennyhertz Perry, LLC, please visit kennyhertzperry.com.

*The choice of a lawyer is an important decision and should not be based solely upon advertisements.