Restaurants -
The SBA has declared DC an economic disaster area, as we were waiting for. This encompasses DC, plus the Maryland (Montgomery and Prince Georges) and Virginia (Alexandria City, Arlington, and Fairfax) contiguous counties.
If you are in one of these areas, you can now apply for a Small Business Administration loan called the “SBA Economic Injury Disaster Loans” which can be used to pay for fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact, up to $2 million. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%. These loans are offered with long repayments in order to keep them affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based on each borrower’s ability to pay. SBA recommends that small businesses submit disaster loan applications as soon as possible as there is no obligation to accept a loan if approved.
The application process is relatively involved and contains a significant amount of personal information, including signed personal financial statements and Forms 4506-T, so I encourage you to start the process by going to the following link:
SBA Disaster Loan Assistance
If you are not in one of these areas, please monitor the disaster declarations each day at the following link:
Presidential and SBA Agency Declared Disasters
Pitter patter, let's get at 'er!
Matt Hetrick, CPA
President and Owner of CPA Eats