CORONAVIRUS / COVID-19 CARES LOAN APPLICATION PROCESS
If you’re just starting the process of applying for a CARES loan, and everyone is just starting, please don’t hesitate to reach out to Betsy Lynch at Lynch Sharp & Associates, LLC. She can help answer your questions about the application process – where to go, what documents you’ll need to apply, and what to expect. She can make sure you fully understand what you can – and what you can’t – spend the proceeds of your CARES loan on in order to maximize forgiveness of the loan by the federal government. In a year, you DON’T want to be left carrying a huge amount of debt because you misused the funds. Ask for help! We’re here to help you.
- Step 1: Lots of information on the application process is available at www.sba.gov.
- Step 2: Contact a lender you already have an established relationship with OR contact one of our recommended lenders below:
- Step 3: Gather the necessary documentation for the loan application. Your lender will likely request the following:
- Most recent tax return filed with the taxing authorities
- Evidence of your EIN
- Recent Profit & Loss Statements evidencing the following expenses: Rent or Mortgage payments, Utility costs, Interest on payments servicing other debt obligations, Health Insurance Premiums, Benefits payments, Taxes, and Payroll (most important). **You’ll also need to provide proof of these expenses prior to 2/15/20.**
- Step 4: Complete a sample application prior to applying to make sure you have all necessary information
- Step 5: Apply! Lenders can begin processing applications on April 3, 2020 through June 30, 2020.