Per l’emergenza Covid-19 attivati programmi di sostegno economico prestiti SBA LOAN PROGRAMS per le imprese in USA, a cui possono accedere pure le aziende italiane con filiali e investimenti negli Stati Uniti
Charles R. Bernardini – Nixon Peabody UP, Chicago, avvocato di origine emiliana che ha mantenuto un forte legame con la sua terra di origine, riprende il dialogo con i lettori di econerre.it segnalando i programmi di prestito di emergenza SBA a disposizione delle società americane tra cui filiali statunitensi di società italiane per far fronte alle pesanti conseguenze economiche della pandemia dovuta al Covid-19.
SBA(Small Business Administration) LOANS PROGRAMS
Tutti i dettagli su ammissibilità imprese ai programmi di sostegno e termini di prestito a disposizione delle società statunitensi, tra cui filiali statunitensi di società italiane che hanno subito perdite di capitale circolante a causa
dell’emergenza in atto. I finanziamenti superiori a 25 mila euro richiederanno garanzie. Sono disponibili prestiti fino a 2 milioni di euro. Il tasso d’interesse è fissato a un massimo del 3,75% (2,75% per le organizzazioni no profit). Possono essere utilizzati per pagare debiti fissi,
buste paga e altre fatture. La richiesta online su https://disasterloan.sba.gov/ela/
Testo completo in lingua originale
- Entity must qualify as a small business under SBA terms
- The disaster relief includes: (i) businesses who are directly affected by the disaster; (ii) businesses that offer services directly related to businesses directly affected by the disaster; and (iii) other businesses indirectly related to the industry that are likely to be harmed by losses in their community
- Ineligible Businesses: (i) agricultural enterprises (if primary activities of business (including affiliates) meets definition in Section 18(b)(i) of the Small Business Act); (ii) religious organizations; (iii) charitable organizations; (iv) gambling concerns (derive more than 1/3 of annual gross revenue from legal gambling activities); (v) casino and racetracks
- Business must be physicallylocated in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons à economic presence alone is not sufficient to meet this requirement
- If a business has failed to comply with terms of prior SBA, they may not be eligible to receive a EIBL loan (note that any prior disaster loan received by a business cannot be consolidated with a new loan granted due to the coronavirus)
- Businesses must not have credit available elsewhere to apply à businesses with credit available elsewhere will not be eligible
SUMMARY OF LOAN TERMS
- A business will have to meet certain credit requirements of the SBA which include: (i) a credit history that is acceptable to the SBA and (ii) demonstrating an ability to repay the loan.
o Note that any loans over $25k will require collateral (if a business has real property, SBA uses that as collateral). A business cannot be turned down due to lack of collateral but the business will be required to pledge any collateral to the SBA that is available.
- Loans of up to $2 million are available (note collateral requirement if above $25k).
o SBA will determine the economic injury suffered by the business which then is used to determine the actual amount of each loan (SBA takes into account any proceeds from interruption insurance and other recoveries for which the entity may be eligible).
o SBA also considers potential contributions that are available from the entity and/or owners or affiliates
o If business is a major source of employment, the $2million maximum may be waived by the SBA
- Interest rate is fixed at a maximum of 3.75% (2.75% for nonprofits); the interest is based on a formula used by the SBA together with the term of the loan.
- Term loans for up to 30 years; will be determined by SBA based on company’s ability to repay the loan (SBA uses installment payments for repayment based on financial condition of each borrower)
- Use: loans can be used to pay fixed debts, payroll, AP, and other bills that cannot be paid because of the disaster’s impact à cannot be used to replace lost sales or profits or for expansion
- Note that the SBA may require the entity to obtain insurance (e.g. if pledged collateral is real estate located in flood zone, SBA may require the entity obtain flood insurance).
HOW TO APPLY/FILING REQUIREMENTS
- Entities can apply in paper form or online at https://disasterloan.sba.gov/ela/. The SBA recommends entities apply online as it is easier and more efficient
- There are no costs to apply and no obligations to take the funds if you are approved
- To apply entities will need to complete following forms (some will have to be printed, signed, scanned and uploaded to the SBA loan application portal as instructed)
o SBA Form 5 (loan application) à note that this is the Form 5C for sole proprietorships (sole proprietorships should select economic injury (EIDL) loan option as reason for loan)
o IRS Form 4506T (tax information authorization form) for the entity, the principals and affiliates (this is a form that would have to be printed, signed, scanned and uploaded)
o Complete copies of most recent federal income tax returns
o SBA Form 2202 (schedule of liabilities)
o SBA Form 413 (personal financial statement form)
o Other information as requested by the SBA (this could include: (i) complete copies (including schedules) of most recent federal income tax returns of entity’s principals, GPs, or managing members or affiliates); (ii) most recent federal income tax returns of entity (and if not filed, then a year end P&L and balance sheet for such tax year); (iii) current year to date P&L; (iv) SBA Form 1368 providing monthly sales figures (note that this form is likely to be required for economic injury disaster loans)
- Biggest delay will be due to entities not providing all requisite information and properly completing loan application. They can check status of application through the SBA portal (they create username and password when starting the application)
- Note that if more funds are required, applicants can submit supporting documents and request for an increase (if less funds are required applicants can request a reduction in loan amount)
- If loan is defined, applicants given up to 6 months to provide new information and submit a written request for reconsideration
As this is written, negotiations are ongoing in Washington on additional stimulus for businesses.
We will keep you advised and are ready to assist with the forms, procedures, applications and evaluations of these programs for your business.
Charles R. Bernardini
Nixon Peabody LLP | 70 West Madison, Suite 3500 | Chicago, IL 60602-4224
nixonpeabody.com | @NixonPeabodyLLP
SBA disaster loans: when and where
SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets. …SBA provides low-interest, long-term loans for physical and economic damage caused by a declared disaster.