2655 Le Jeune Road Suite 700-C
Coral Gables, FL 33134 Tel. (305) 548-5020
SBA DISASTER RELIEF LOAN SUMMARY
March 30, 2020
The Small Business Administration has announced the SBA Disaster Relief Loan due to COVID-19. This Disaster relief loan is available to small businesses in all 50 states.
The SBA Disaster Relief Loan is designed to help small businesses during this time of declared disaster in all 50 states. The maximum loan that is available is $2,000,000 there may be some exceptions to a higher loan, but the expectations of being able to exceed the $2,000,000 threshold would have to entail a company that is a major employer and in need of the loan to ensure the continuation of their business. The interest rates for these loans do vary depending upon what business type your business is classified as. For small businesses and agriculture co-ops the interest rate is 3.75% and for non-profits, the interest rate is 2.75%. The loan length can be a maximum of 30 years, the terms and rate are determined by each application on a case by case basis.
To complete the application you will need to visit the website, https://covid19relief.sba.gov/, prior to visiting the website please be sure to have the following information on hand:
❏ SBA Form 5 Click Here; This form must be signed and completed by the business applicant.
❏ IRS Form 4506-T Click Here; This form must be signed and completed by the applicant, each person who owns/manages 20% or more of the business, and any owner owning more than 50% of the business.
❏ Completed Copies of Tax Returns and Schedules, it’s best to send in your entire tax return for your business.
❏ Personal Finance Statement Click Here; This form will state your assets, liabilities, information about shareholders, stocks and bonds, real estate that’s owned, other personal property and assets, other liabilities, and unpaid taxes.
❏ SBA Form 2022 Click Here; Schedule of Liabilities that will list all of your fixed debts
The following information you may or may not necessarily need, but it would be helpful to have this information on you when you begin the process of applying for the loan.
❏ Year-end Profit and Loss Statement and Balance Sheet from the previous year
❏ A current year Profit and Loss Statement
❏ SBA Form 1368 Click Here; This form will state your monthly sales figures from the
previous 3 years prior to the disaster. If those numbers are unavailable give the best estimate for the form, just ensure to put an “e” at the end so it will be known that you are estimating.
You may be concerned s that you may be excluded from the SBA Disaster Relief Loan Program. There are exclusions and it’s important to read these through prior to filing for relief. Those who are excluded are limited to but may include more of the following listed: property purchasers (business when it is more than 50% of equity and homes); publicly owned institutions and entities; “assumption of risk or failure to comply” (this includes individuals who have obtained an SBA loan previously but did not comply with the terms and conditions of their loan); failure to comply and maintain flood insurance when mandated; engaging in illegal activity; engaging in the sale of products, services, or performances, of a prurient sexual nature; if a member of Congress has an interest in the business; if the applicant is 60 days or more delinquent in child support; if the business is not in Good Standing in the state it’s organized in it is not eligible for the SBA Disaster Relief Loan. We would like to disclose that the information provided is accurate as of the date at the end of this memo. If you have any further questions in regards to applying for the loan or for the SBA you can contact them at 1-800-659-2955 or email at DisasterCustomerService@sba.gov for more information.
*Please note that this information is accurate as of March 30, 2020.
Yoel “Mo” Molina, I am a lifelong resident of Miami, Fl. I am a graduate of Miami Senior High, Class of 1992, Georgia Institute of Technology, B.S. 1997 and University of Maine School of Law, J.D. 2001. I have been practicing law in Miami Since 2001. I am a former training prosecutor in the Miami-Dade State Attorney’s Office. I have experience in jury trials, appeals, and administrative hearings. I have appeared before judges across the State. My experience ranges from civil litigation matters, collection matters, foreclosure, business and corporate, contracts, real estate, leases and employment matters..
"Mr. Molina has always been there for us with timely, reliable and competent advice. He is an important and valuable part of our team." Corporate Client Eric Delgado, President of American International Export, Inc., a worldwide importer and exporter of brand name appliance parts.
"Yoel has been responsive and attentive to our company’s best interests and needs. He has been a valuable resource to our company. Any company that enlists his services would be in good hands-- including our own clients.” Corporate Client Gibran Flynn - Co-Owner and Founder of Eleva Solutions, Inc., the South Florida leader of outsourced HR, Staffing, Training, and Loss Prevention.
"My name is Anastasia Yecke Gude and I am the owner of Healing Hands Therapeutic Massage LLC. In the process of my company’s growth and expansion, I suddenly found myself a few weeks ago in need of a 1099 contractor agreement, and I needed it ASAP. As in, the very next day! I contacted the Law Office of Yoel Molina and his assistant put me in touch with Mo. I sent him what I had drafted up and he replied within a few hours with suggested revisions and clarifications, as well as a few insights I had not even considered. I was thoroughly impressed by the quality of work he provided, especially considering the time crunch I put him in (sorry, Mo!). I definitely recommend his services to anyone in need of a good contract attorney, and I will be calling him again for future work…hopefully in less of a rush next time!"