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SBA Loan Application Lawyers

Helping Small Businesses Apply for EIDL Loans & More

On March 27, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act. Section 1105 of the bill allows businesses with fewer than 500 employees to request loans of up to $10 million through the Small Business Administration (SBA), a concession usually reserved for the aftermath of natural disasters. These loans can be used to pay for business expenses such as mortgages, rental costs, and employee payroll.

As of this writing, many businesses have reopened in some capacity since the initial coronavirus outbreak, but COVID-19 continues to spread. Thus, there remain many uncertainties concerning both the pandemic and the state of the economy during this unprecedented time, which affects both small business owners and their employees.

Fortunately, we can help. At LaHatte Law, LLC in Metairie, our SBA loan application lawyers are available to advise small business owners in New Orleans, Jefferson Parish, and the surrounding areas who are thinking of applying for the SBA’s Economic Injury Disaster Loan (EIDL), the Paycheck Protection Program (PPP), and other funding.

Ready to talk about your SBA loan application? Contact us today!

Economic Injury Disaster Loans (EIDL)

The SBA’s disaster loans are the primary form of federal assistance granted to small businesses for their repair and recovery. In response to the ongoing COVID-19 pandemic, which has caused countless businesses nationwide to suffer immense losses, small business owners in all 50 states and U.S. territories are now eligible to apply for an Economic Injury Disaster Loan (EIDL). The EIDL is an existing program that has been adapted for the circumstances caused by the coronavirus.

The loan comes with an advance of up to $10,000 to provide rapid economic relief to businesses that are currently experiencing a temporary loss of revenue. The advance does not have to be repaid, effectively making it a grant, and can be sent to you within a few days of completing your application. However, you must meet certain qualifications to be considered.

To qualify as a small business and receive an EIDL your business must:

  • Be for-profit
  • Be based in the united states
  • Operate primarily within the U.S. or make a significant contribution to the U.S. economy
  • Be independently owned and operated
  • Not be a dominate player in its field on a national level

The maximum loan is $2 million, though the amount your business actually receives will be based on the economic injury suffered. While the normal EIDL application has been streamlined to now only take about 2 hours to complete, the process can be very complicated. If you have any questions or would like assistance with this process, please reach out to our SBA loan application lawyers.

The Paycheck Protection Program

The Paycheck Protection Program (PPP) was created to provide small businesses with resources needed during the current coronavirus economic slowdown to maintain payroll, rehire employees who have been laid off, cover applicable overhead, and handle other necessary expenses.

The SBA will forgive all small business loans if all workers remain employed for eight weeks and the money is used for the following:

  • Mortgage interest
  • Payroll
  • Rent
  • Utilities

To apply for a loan, you can go through an SBA lender or through any federally insured depository institution, federally insured credit union, and any participating Farm Credit System institution in Louisiana.

However, the application process can be tricky, especially if it is your first time. For example, if you choose the wrong type of loan during the application—i.e., selecting to apply for an SBA disaster loan rather than a business interruption loan—your application may be denied or you may not be able to have your loan forgiven.

Thus, if you are in any way unfamiliar with the process, it is imperative to obtain the help of an attorney. We offer free consultations, so feel free to reach out to us at any time with your concerns—it costs you nothing!

Other SBA Loans

Aside from EIDL and the PPP, the SBA also offers several other low-interest loan options for small business owners who are having trouble receiving traditional bank loans. Our New Orleans SBA loan application attorneys can help you navigate the SBA loan application process.

To be eligible for an SBA loan, your business must meet the following requirements:

  • Be a for-profit business: Your business must be officially registered and operate legally.
  • Do business in the United States: Your business must be both physically located in and operate within the U.S. and/or its territories.
  • Have invested equity: You must have invested your own time or money into the business.
  • Exhaust your other finance options: You must not be able to get a loan from any other financial lender.

We will not only help you with the loan application itself but can also advise you on your company’s financial health, help you create a business plan for your application, and more. Our attorneys have helped businesses correctly file for commercial loans for over a decade. We possess the knowledge and resources to help you get your business back on track without you having to navigate the complex loan application process alone. For more details, schedule a free consultation with one of our attorneys and we will help you achieve your small business goals.

Our SBA loan application lawyers are here for you. Call us now at (504) 509-5177 to get started.

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