New SBA loan rules for loans of $100,000 or more to help with Covid pandemic

The basics:

who can qualify and what is needed to get a loan approved by the SBA now.

First what documents must you have now to get approved with the new rules in 2020

everyone and in every situation of an SBA loan you will need!

3 years of personal income tax statements (federal tax) .

plus everyone must provide 

a valid Drivers license or other US government issued valid photo ID.

Business plan

Financial projections .

Resume for the Managment/or owner operator if self managed.

now this is where it gets tricky 

you will need additional documentation if you are using this money to expand and existing business, that documentation is 

3 years federal tax returns for the existing business ( or since inception of the business if it’s less than 3 years old) 

Business debt schedule 

current interim financial health statements which would be your current (interim) profit and loss and balance sheet for the business you own.