When applying for SBA Loan what information should we provide. The number of patient visits that have decreased? Decrease of income? Although we will not know this until End of April and following months. The webinar said apply now. Just want to be sure what we submit is what is recommended.
Linda Smith
Columbus Pediatric Associates, PC
Technically, you just need Form 5 to get the ball rolling. They lost some “Additional Items” that look like they would be worth filling out while practices wait for the initial contact from SBA:
https://disasterloan.sba.gov/apply-for-disaster-loan/index.html
Confused as to what to put in line 15 on the form 5. Amount of estimated loss in categories of real estate, inventory, machinery & equipment, or leasehold improvements?
None of these seem to apply to a services business.
Many people are leaving the estimated losses blank and others estimating the losses based on a cash flow projection. We have not seen anything to indicate whether a blank entry is acceptable. However, many are doing so under the logic that there is no way to predict how long the losses will go into the future. As such, the people leaving this items blank are doing so simply as a way to “get in line”…sorry I do not have a definitive answer. If anyone finds anything to clarify, please post in this thread.
At the beginning, do we need to submit full personal financial statements information of our partners?
I believe (as best I can tell) filling out and submitting Form 5 and the P-019 form with gross receipts for last year basically gets you a place in line…when the SBA person reviews it, they will contact you for the follow up info. Might be worth going ahead and preparing the documents for when they reach out to you, etc…
Another question regarding the individual applicant information:
On SBA form 413, it says to complete the form for each “general partner”. Do you know how this would be defined? It seems like it would be any partner, regardless if they had more or less than 20% ownership of the practice.
Are you are referring to the top of the second page of Form 5?
Complete for each: 1) proprietor, or 2) limited partner who owns 20% or more interest and each general partner, or 3) stockholder or entity owning 20% or more voting stock.
If so, then I see could where one would interpret this as needing each limited partner with more that 20% interest AND each general partner…( I am not an acocuntant or a lawyer but I think you would be better off going ahead putting everyone with an ownership position out of an abundance of caution).
If you are referring to the SBA 7(a) Borrower Information Form, it states:
