SBA LOAN INFORMATION
Thank you for trusting us with getting you ahead in your business!
Please read this in its entirety to have a good understanding of what we can do for you.
Below is the exact information for the EIDL & PPP SBA Loan Requirements:
1. Electronic Loan Application (SBA Form 5)
2. Electronic Loan Application (SBA Form 5C) – Sole Proprietorship Only
3. Tax Authorization (IRS Form 4506-T) 20% Owners/GP/50% Affiliate
4. Most recent 3 Years of Business Tax Return(s)
5. Personal Financial Statement (SBA Form 413) 20% Owners/GP
6. Schedule of Liabilities (SBA Form 2202)
7. Other information that may be requested: a) Complete copy, including all schedules, of the most recent Federal income tax return for principals, general partners or managing member, and affiliates (see filing requirements for more information). b) If the most recent Federal income tax return has not been filed, a year-end profit-and-loss statement and balance sheet for that tax year c) A current year-to-date profit-and-loss statement d) Additional Filing Requirements (SBA Form 1368) providing monthly sales figures.
In our own words:
The SBA now requires to verify your application and identity. This was done before but they did not verify. They just approved the loan within a couple of days. The must do to get approved for an SBA loan is that you have average personal credit (580 Above). That taxes have been filed or that we file them for you so when they ask for the 4506-T. You also must show business income made not a loss. The more you make, the higher the approval. Here is an example:
If you file your business taxes the following way you will only get approved on the income made. For example:
Minus Expenses $65,000 (Office Rent, Car expenses, office expenses, phone, insurance, etc.)
Equals $15,000 in Income
This means the SBA will provide you a loan on the money you made which was $15,000, not the $80,000.
A business that is approved for $150,000 means they had total sales of $250,000 minus the expenses of $50,000. This means the SBA gave them a loan based on $200,000 of income.
Each business that shows the income and not a loss will have to pay taxes to the IRS and whatever State is located in depending on the State.
All of the forms listed above we can do for you and have you sign them. If you have not filed taxes we can do the taxes for you as well. The taxes need to be done first before we can do the rest of the forms and apply for the SBA loan.
If you would like a 1 to 1 consultation to apply for an SBA Loan, please fill out the contact us form below. We will respond quickly via email rather than by phone.
Because not all customers have everything in order, the pricing varies. We will let you know the pricing once you fill in the information below.
Please know there is a deposit of $350 to start the process. This is non-refundable due to it takes a lot of time to fill out this application and prepare the documents. This is well worth the time to grow your business.
The SBA will start accepting applications soon since the new money was approved. If you did not apply the first time we are still on time. For the second round we are waiting, but it's best to get everything ready now. This money will go QUICK!
We help with disputing if you were denied depending on the reason.
***Applications are approved by the SBA and not Rocket Income Tax. We cannot guarantee approvals but we do everything in our power to fill out the information and do the tax documents properly to increase your chances. If you have poor credit please know they will not approve you no matter how much money you make. Credit is king! We help with that as well.