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SBA Economic Injury Disaster Loan Program Information

Virginia Small Businesses,
The Department of Small Business and Supplier Diversity is working to bring you information as quickly as we are able. In that effort, we would like to share with you a webinar held and recorded by the Virginia Small Business Development Center network. The webinar will help explain step by step how to apply for the U.S. Small Business Administration Economic Injury Disaster Loan.  The link to the recorded webinar is:

CLICK HERE
for a recorded presentation on filling out the EIDL Application.

Should you have additional questions or need additional assistance please contact your nearest Small Business Development Center. You can use the following link to find your local center:  www.VirginiaSBDC.org

Additional SBA Economic Injury Disaster Loan Program Information

In keeping with our commitment to bring you the most up to date information, we wanted to share with you additional information on how to apply for U.S. Small Business Administration (SBA) Economic Injury Disaster Loan program (EIDL) funds. States will not be receiving funding directly from the SBA. All funds will be distributed directly from the Federal SBA Agency.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

For additional support, applying for EIDL funds you may contact your local Small Business Development Center (SBDC). For SBDC contact information use the following link: https://www.virginiasbdc.org/

Items Required for Applications:

  1. Loan application (SBA Form 5), completed and signed (this is electronic/online in the portal). To see what the form looks like, an example can be found here.
  2. Tax Information Authorization (IRS Form 4506-T), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.
  3. Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available
  4. Personal Financial Statement (SBA Form 413) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member
  5. Schedule of Liabilities listing all fixed debts (SBA Form 2202may be used)

 

For a comprehensive list of actions, Governor Northam has announced
to combat COVID-19 in Virginia, visit virginia.gov/coronavirus.

ADMINISTRATIVE DISASTER DECLARATION FOR VIRGINIA

The Virginia Department of Small Business and Supplier Diversity (SBSD) and the Virginia Small Business Financing Authority (VSBFA) are pleased to report that Governor Ralph Northam announced today that the U.S. Small Business Administration (SBA) has approved an SBA disaster declaration for the Commonwealth of Virginia.  The disaster declaration will allow SBA to provide assistance to Virginia businesses and nonprofits negatively impacted by COVID-19.

Virginia businesses and nonprofits impacted by COVID-19 are now eligible to make online applications to the SBA for the Economic Injury Disaster Loan program (EIDL) at disasterloan.sba.gov.

SBA’s EIDL program offers direct loans up to $2 million to businesses and nonprofits without access to available credit elsewhere.  The interest rate on EIDL loans to businesses is 3.75%.  The interest rate for nonprofits is 2.75%.

SBA’s Economic Injury Disaster Loans can provide vital economic support to small businesses by helping to overcome the temporary loss of revenue they are experiencing due to COVID-19. The loans may be used to pay fixed debts, payroll, accounts payable and other business expenses. SBA offers loans with loan terms of up to 30 years in order to keep payments affordable.  Loan terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.

We want to thank all of the businesses and partners that responded and distributed our impact survey earlier this week. Your response allowed us to collect the data necessary for Virginia to apply and secure the disaster declaration creating access for small businesses to apply for federal disaster loans from the SBA.

For a comprehensive list of actions, Governor Northam has announced
to combat COVID-19 in Virginia, visit virginia.gov/coronavirus.

SBA Implements Automatic Deferment on Existing SBA Disaster Loans

WASHINGTON – Today, U.S. Small Business Administration Administrator Jovita Carranza announced changes to help borrowers still paying back SBA loans from previous disasters. By making this change, deferments through December 31, 2020, are now automatic. The changes mean borrowers of home and business disaster loans do not have to contact SBA to request deferment.

“The SBA is looking at every option and taking every action to cut red tape to make it easier for small businesses to stay in business. Automatically deferring existing SBA disaster loans through the end of the year will help borrowers during this unprecedented time,” said Administrator Carranza. “Today’s announcement adds a list of growing actions the SBA is taking to support small businesses.” “These actions include making it easier for states and territories to request a declaration so small businesses statewide can now apply for economic injury disaster loans,” added SBA Mid-Atlantic Regional Administrator Steve Bulger who oversees the agency’s operations in Pennsylvania, West Virginia, Virginia, Delaware, Maryland and the District of Columbia. “This is another way the SBA is working around the clock to find ways to assist small businesses.”

Previous Announcement:
March 17, 2020: SBA Updates Criteria on States for Requesting Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)

Visit SBA.gov/Coronavirus for more information on SBA’s assistance to small businesses.

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About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

Impact of COVID-19 on Small Businesses in Virginia Survey

Virginia Small Business Owner,

The Corona Virus (COVID-19) pandemic that has hit the Nation is creating concern for our economy here in Virginia and across the Nation. Below you will find the link to a brief survey that will allow our agency to collect data on the impact COVID-19 is having on business revenue and employment.

Please take a moment to complete this survey so we can share the results with State and Federal partners. We would like to receive responses as soon as possible but will be leaving the survey open through 5:00pm., Friday, March 27, 2020 to capture responses.

Sincerely,
Virginia Department of Small Business and Supplier Diversity

Click here to complete the Survey

Information and resources published by the NFIB, SBA, SBDC and Virginia.gov

Virginia Small Businesses,

The Department of Small Business and Supplier Diversity is working to bring you information as quickly as we are able.  In that effort, we would like to share with you information and resources published by the Commonwealth of Virginia, the National Federation of Independent Businesses, the U.S. Small Business Administration, and the Virginia Small Business Development Centers.

NFIB COVID-19 Webinar Part II Friday, March 20th at 12pm ET

NFIB COVID-19 Webinar Slides

NFIB – Small Business FAQs on COVID-19

VA SBDC – Important Update – SBA Disaster Loans (EIDL) Webinar

U.S. SBA FACT SHEET – ECONOMIC INJURY DISASTER LOANS

SBA Offers Disaster Assistance to Virginia Small Businesses

Frequently asked questions regarding executive order fifty-three (EO53) can be found here.

 

Small Business Disaster Loan

Businesses impacted by COVID-19 can also request to defer the payment of state sales tax due March 20, 2020, for 30 days. When granted, businesses will be able to file no later than April 20, 2020 with a waiver of any penalties. For business owners, Virginia Tax will consider requests from sales tax dealers for an extension of the due date for filing and payment of the February 2020 sales tax return due on March 20, 2020. If the request is granted, filing and payment of the return will be due on April 20, 2020, with a waiver of any penalties that would have applied.

However, interest will accrue even if an extension is granted. Virginia Tax has created a COVID-19 information page on the agency’s website to share critical messages with taxpayers. Here’s the link: https://www.tax.virginia.gov/coronavirus

Any state income tax payments due during the time period of April 1, 2020, to June 1, 2020, will now be due on June 1, 2020. This includes individual and corporate income taxes paid to Virginia Tax. Late payment penalties will not be charged if payments are made by June 1, 2020, however, interest will still accrue

You can also stay up to date on COVID-19 updates published by the Commonwealth by visiting: https://www.virginia.gov/coronavirus-updates/

Should you have additional questions or need additional assistance please contact your nearest Small Business Development Center.  You can use the following link to find your local center: www.VirginiaSBDC.org

Sincerely,
The Virginia Department of Small Business and Supplier Diversity

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The mission of the Virginia Department of Small Business and Supplier Diversity (SBSD) is to enhance growth opportunities for Virginia’s small businesses to prosper through increased revenue and job creation thereby raising the standard of living for all Virginians

On July 3, 2019, The Honorable Ralph S. Northam , Virginia’s 73nd Governor, signed into effect Executive Order Number 35, for the purpose of
“Advancing Equity for Virginia’s Small, Women, and Minority Owned (SWaM)  and Service Disabled Veteran-Owned Businesses.”
Executive Order 35 rescinds and replaces Executive Order 20 (2014).
For the Press Release, click here
For the full text of Executive Order 35, click here

 

On July 22, 2014, Virginia’s 72nd Governor Terence R. McAuliffe signed Executive Order 20, Advancing Equity for Small, Women and Minority Businesses (SWaM) . For official information on EO20 , click here. Our primary work in this agency is focused on accomplishing this goal by utilizing tools to build the capacity of SWaM businesses and to assist in facilitating capital solutions that fund business development and expansion. In the New Virginia Economy, we want to grow sustainable enterprises that create jobs and become wealth builders.

There is great history to be regarded in the two legacy agencies–the former Virginia Department of Business Assistance (DBA) and the Virginia Department of Minority Business Enterprise (DMBE). There is great purpose and history to be made in the combining of the two to form the Virginia Department of Small Business and Supplier Diversity as your “one stop” for business development in Virginia §2.2 1605.

It is our objective that you will find our website informative and complete with useful information to serve your business needs. Our goal is that you will visit often for “real time” information on certification; business development and outreach events; access to capital incentives; reporting; and updates on how we play a role as an advocate for Small, Women and Minority Owned (SWaM) businesses—essentially, how we support you!

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Click the certification type below that suits you for more information.

Thank you for your faith in us back in 2012. We have come far since our beginning. We were up to 60 employees thanks in part to your help. Let us know if there is anything that we can do to promote your cause. You have a great program!

Mills Marine & Ship Repair, LLC - Suffolk, VA

The Bank and VSBFA gave me a chance.  I am grateful that this VSBFA/bank partnership made a dream possible …

Merchants Hope Memorial Gardens – Hopewell, VA

The team at SBSD is amazing. They have helped Brilliant Blaze grow and prosper in the Commonweath of Virginia and beyond. They are really striving to serve the business community in Virginia. Much thanks to SBSD and especially the certification team on a job well done.

Brilliant Blaze, Waynesboro, VA – Will Strickland
Will Strickland, WaynesboroCEO Brilliant Blaze LLC
Thank you so much for your help with this. I am very excited for all this will let me do to grow this business! I would love to work with you again in the future! Please know how much I appreciate your support and the ease of the VSBFA application process. Thank you again!!!
Cold Creek Cattle & Hay, LLC – New Castle, VA

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