SBA Disaster Loan Application Assistance Tutorial - Requirements, Forgiveness, and Process Explained

Hey everyone, Dylan here with SureFront. Today we're gonna walk through applying for an SBA disaster loan. This is the same application that you need to apply for the $10,000 grant that the government is giving out for your case, hopefully very immediately. So the first thing you're going to do is go to Google. Very simply, just type in the SBA EIDL grant And the second listing is what you want to click on. So this is the COVID19Relief.SBA.gov. Click on Disaster Loan Assistance, and this will take you to the main page where you can apply for this. So it'll take you through the different steps to walk through, and let's just get started. So you're gonna fall under either this category or the second one. So you're either probably gonna be an applicant that is a business with not more than 500 employees, or an applicant or an individual that operates under sole proprietorship, as an independent contractor. So like a gig worker, for instance, could fall under that category. So let's go ahead and click on not more than 500 employees. And then just go through these one by one. You most likely will be clicking on all of these. So applicant is not engaged in any illegal activity, hopefully. You're not. No principal of the applicant with a 50% or greater ownership interest is more than 60 days delinquent. So this is, you know, just making sure you're an ethical business, that you're also not an agricultural enterprise, that you don't do anything that is in a sexual nature, that the applicant does not derive more than 1/3 of gross annual revenue from gambling. So probably clicking on all these, hopefully. And then continue through. This is as it presents itself, so this is your business legal name. So let's just say it's my business, and this is your trade name, so you're like your DBA if you have one, or just whatever you do business as. This is your EIN or your SSN if you're a sole proprietorship. So most of you probably will be an EIN. And organizational type. So, you know, you can go through— this is— you'll find this on your tax forms last year. So if you're an S corp or a C corp, limited liability company, sole proprietorship. So let's just go with LLC, clicking no on these. And this is your gross revenues for 12 months prior to the date of the disaster. So this is gonna be from February 1st, 2019 to January 30th, 2020. So you wanna make sure that you're entering in that right date. This is not just the gross revenues of your tax return. This is for the 12 months prior to the date of the disaster, January 31st. So again, that's February 1st, 2019 to January 30th, 2020. So let's just say That was $1 million, I think that's $1 million there. And cost of goods sold, so if you're a service provider like a lawyer or CPA, you're not gonna have any cost of goods sold, that would be zero. But if you're in, say, the retail industry and you have products that you purchase and sell, then you put the cost of goods sold in there. So let's just say we are, we'll put in $700,000 in there. These are not required. These are specific to a business if you want to enter these. So this is, you know, rental properties if that's your business, or this is if you're nonprofit, this is if you're a faith-based entity here. You know, it goes down. So this is for specific businesses here. So enter it in if you are, but if you're not any of these specific businesses, you don't need to fill out that section. Uh, this is your address, so let's just make up something here. Sorry, Main Street, and let's just go— if I can get this right— Los Angeles, and then scroll down on— so just fill out wherever you are. Zip code, business phone, not a real number of course, uh, business email. So let's just say you're john@smith.com. And this is the date the business was established. So I believe if you're a sole proprietorship, you can find this on your tax forms, but if not, uh, and you don't have that readily available, you can just go to California Secretary of State and go to business search. You should be able to just do a new search here. And let's say we're doing something specific to Los Angeles. Let's just say we're lucky enough to own the Los Angeles Dodgers, corporation name. And this will tell you when that business was actually registered. So in the case of the Dodgers, February 6th, 1958. And we can go back here. And enter that in. Current ownership since, so this may very well be that exact same date, probably is for most of you out there, 1958. Business activity, so, you know, whatever is pertinent to you. So this gives you a list of categories you can enter in here. I bet the Dodgers are probably listed under entertainment services, though I take them more seriously than that. Detailed business activity, so again, just what you happen to do here, event planning. Number of employees, most of you are probably going to be 50 or less. Click on the next page. So this is entering in your information as the business owner. Mobile phone, title, let's go CEO here. Uh, ownership percentage, so if you have co-owners with you or Investments, but if you own the whole thing yourself, 100%, let's do johnsmith.com. And social, not gonna put a real one there. Date of birth, place of birth, Los Angeles. US citizen, yes. And we'll just put in a another address there. So again, this is your personal information here, so you're not going to be putting in the business information there, but where you actually live. California here, zip code. Okay, oh yeah, and one important step— I'm glad we actually missed it so I can show you— is up here, this is kind of hidden, this says, "Is your business owned by a business entity?" Gotta click yes or no on this. Most of you will probably be saying no, 99% of you, I imagine. So click no there or else it won't let you go through to the next screen. So I'll go through the next screen here. Hopefully we're answering no to any of these as well. So this is, in the past year, has the business or a listed owner been convicted of a criminal offense? No. Is the applicant or any listed owner currently suspended or debarred? No. And no as well. So for, if we're not a criminal, we're gonna click no on all of those. This is if someone else assisted you. So say your CPA or a lawyer assisted you in filling out the form, you would fill out this portion. Probably most of you are also not filling this out. And then this is very important. I would like to be considered for an advance of up to $10,000. So make sure you click on that. 100%. And then you're just gonna put down your bank information here, account information, routing number here, and then that's it. Scroll down, read this information, click on this, and obviously this is a fake form, so we're not gonna fill this out. Click on next there, and you're good to go. That's all you need to do. Follow it step by step. Start with Google, work all the way down through those 3 pages on the form. And I do wanna make sure that I mention to you, I'm not a CPA, I'm not your tax advisor or lawyer, so if you do need to get further assistance on that, please do so. This is just an instructional video. And that's it. Best of luck. Thank you so much and stay safe out there.