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SBA Disaster Loan Packaging Assistance

The Federal Government realizes that in times like these many businesses need immediate cash to continue operations. Recently legislation signed by President Trump has authorized the Small Business Administration to provide immediate loans to small businesses to ensure their survival. The loans are designed to provide operating capital and liquidity so that businesses can continue to pay their rent and employees. A significant feature of this program is that UNDER CERTAIN GUIDELINES THE LOANS WILL BE CONVERTED TO GRANTS AND WILL BE FORGIVEN IN FULL. In other words, amounts used for payroll and rent do not need to be repaid.

Norris and Associates stands ready to guide you through the application process. Our accounting professions will help you to complete the application, prepare and submit your loan package, and assist with creating any tax returns or financial statements needed to ensure a complete package is submitted the first time. Speed and accuracy are crucial. The loan request volume is high and you do not want to be rejected because of missing or incomplete documentation. Please contact us by email or phone to begin your application process today.

Best Regards,
Robert L Norris, MBA, CPA

Download the SBA DRAFT Application

What we know about the proposed SBA "Paycheck Protection Program"

Who's Eligible

  • Available to for-profit businesses with up to 500 employees.
  • Non-profits appear eligible if they do not receive Medicaid reimbursements.
  • Business must certify injury from the COVID 19 pandemic.
  • There are no collateral requirements.
  • There are no personal guarantee requirements.

For What Purpose

  • Loan proceeds may be used for payroll support, employee salaries, mortgage payments, insurance premiums, utilities, lease payments and any other debt payment or expense as defined by the SBA.
  • Covered payroll costs include salary, wages and payment of cash tips (up to an annual rate of pay of $100,000) and employee group health care benefits including insurance premiums, retirement contributions and covered leave of absence.

Loan Amount

  • The maximum size of the loan can equal 250% of an employer’s average monthly payroll. The total maximum loan amount is $10 million.


  • Loan terms up to 10 years.

Loan Fee

  • Borrowers typically pay an SBA loan fee. There is no fee charged for this loan.

Defered Payments

  • Deferments on loan payments appear to be available for at least the first 6 months.

Loan Forgiveness

  • There will be some level of loan forgiveness based on continued employee retention, perhaps around eight weeks. Borrowers that rehire employees laid off prior to the loan should still be able to qualify for loan forgiveness.

Next Steps

  • Look for updates from Pioneer Bank. We will tell you as soon as we are able to begin an application and approval process for this special SBA loan.

SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus (COVID-19)

Release Date: Thursday, March 12, 2020
Release Number: 20-24
Contact: This email address is being protected from spambots. You need JavaScript enabled to view it. (202)205-7036

WASHINGTON – SBA Administrator Jovita Carranza issued the following statement today in response to the President’s address to the nation:

“The President took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions. Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest in the world. Our Agency will work directly with state Governors to provide targeted, low-interest disaster recovery loans to small businesses that have been severely impacted by the situation. Additionally, the SBA continues to assist small businesses with counseling and navigating their own preparedness plans through our network of 68 District Offices and numerous Resource Partners located around the country. The SBA will continue to provide every small business with the most effective and customer-focused response possible during these times of uncertainty.”

SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.

Process for Accessing SBA’s Coronavirus (COVID-19) Disaster Relief Lending

  • The U.S. Small Business Administration is offering designated states and territories low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). Upon a request received from a state’s or territory’s Governor, SBA will issue under its own authority, as provided by the Coronavirus Preparedness and Response Supplemental Appropriations Act that was recently signed by the President, an Economic Injury Disaster Loan declaration.
  • Any such Economic Injury Disaster Loan assistance declaration issued by the SBA makes loans available to small businesses and private, non-profit organizations in designated areas of a state or territory to help alleviate economic injury caused by the Coronavirus (COVID-19).
  • SBA’s Office of Disaster Assistance will coordinate with the state’s or territory’s Governor to submit the request for Economic Injury Disaster Loan assistance.
  • Once a declaration is made for designated areas within a state, the information on the application process for Economic Injury Disaster Loan assistance will be made available to all affected communities.
  • These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. 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%.
  • SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
  • SBA’s Economic Injury Disaster Loans are just one piece of the expanded focus of the federal government’s coordinated response, and the SBA is strongly committed to providing the most effective and customer-focused response possible.

For additional information, please contact the SBA disaster assistance customer service center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail This email address is being protected from spambots. You need JavaScript enabled to view it. (link sends e-mail).

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

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