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

11/9/2020

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Picture

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. 

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  • Home page
    • Blogs >
      • Business Funding Blog
      • Evil Banker Horror Stories
    • Secrets to get funding for your business. >
      • Blog Feed
      • Success Stories
  • Apply online
    • Apply >
      • Flex Lease
      • Adsense funding, website sales
      • PDF application for funding >
        • Apply online now
      • Staff submitted applications
      • Terms and Conditions >
        • Privacy Poicy
  • American Relief Funding
    • American Relief Funding
  • Sale and stay Leaseback
    • Sale Lease Option Funding
  • The Solution
    • "The Solution" An Entreprenuers guidebook to finance
    • The solution book case study signup
  • Contact Us
    • How it works >
      • Affiliate Marketing
      • Alternative Business Loans
      • Small Business Funding >
        • SBA loans apply online
        • Asset Based Funding
        • Merchant Cash Advance
        • Business Cash Advance
        • Equipment Leasing
        • Factor Funding
        • Unsecured Small Business Loans
        • Car title loans
      • Why Choose Us
      • Funding Options >
        • Industries We Serve >
          • Church Financing
          • Commercial Fishing Loans
          • Commercial Timber Loans
          • Franchise
          • Green Energy Business Loans
          • Healthcare >
            • Chiropractic Practice Financing
            • Dental Office Financing
            • Fitness Center Business Loans
            • Medical Office Financing
          • Oil And Gas Co Financing
          • Restaurant >
            • Food Truck Business Loan
            • Restaurant Financing
          • Retail >
            • Bicycle Shop Financing
            • Grocery Store Business Loans
            • Gun Shop Financing
            • Liquor Store Financing
            • Pet Store Loans
          • Service >
            • Automotive Business Loans
            • Construction Business Loans
            • Hotel Motel Financing
            • HVAC Business Financing
            • Laundromat Financing
            • Nail Salon Financing
            • Salon Financing
            • Tanning Salon Financing
            • Commercial Truck Financing
          • Synagogue Loans
        • Groups We Serve >
          • Fresh Start Business
          • Minority-Owned Business
          • Women-Owned Business
          • Veteran-Owned Business
        • Business Financing >
          • Poor Credit Business Loans
          • Bad Credit Business Loans
          • Credit Card Processing
          • Fast Small Business Loans
          • No Collateral Business Loans
          • SBA Business Loans
          • Secured Business Loans
          • Small Business Lending
          • Working Capital Loan
      • FAQ & Support
    • Loan & Finance Brokers
    • ISO Partner Program
  • About Us
    • Our Company
    • Referral program
    • General Underwriting Guidlines
    • News and Press Releases >
      • Free advertsing for restaurants
      • Article Submission
      • store