Small Business Administration (SBA) Disaster Loans

First and foremost, please take steps to ensure your safety and that of your family and employees. We encourage you to please refer to the CDC Coronavirus (COVID-19) webpage for information about the virus.

COVID-19

For the most current information from SBA on the Coronavirus (COVID-19), please visit www.sba.gov/coronavirus. From here you can access information on supply chain shortfalls, facility remediation, emergency planning and much more. The SBA Coronavirus website also details the process for initiating the Economic Injury Disaster Loan Program (EIDL).

Economic Injury Disaster Loan Program (EIDL)

South Dakota small businesses and non-profits impacted by COVID-19 are encouraged to download, complete, and submit the attached Economic Injury Worksheet (also found at SBA EIDL Worksheet). The completion of this survey will help to expedite activation of the EIDL program in South Dakota. Completed forms may be submitted by email to the State of South Dakota Governor’s Office of Economic Development at: goedinfo@state.sd.us. Please note, this is an initial survey form only – not an SBA loan application. When the EIDL program is activated, businesses will be able to apply directly to the SBA. We ask that you complete the attached Economic Injury Worksheet and return it promptly to the email above. For the most current information from the State of South Dakota for small business disaster response for COVID-19 economic impact, please refer to: https://news.sd.gov/.

Also, here is the link to check for state declarations: disasterloan.sba.gov. Each state’s governor has the option to apply to the federal government to declare counties eligible for SBA’s Economic Injury Disaster Loans (EIDL). Once a declaration is made, businesses can apply online at: https://disasterloan.sba.gov/ela/Information/Index.

Please keep in mind that it is important for businesses to complete the survey (Economic Injury Worksheet) and forward that on to goedinfo@state.sd.us as evidence of South Dakota small businesses and non-profits impacted by COVID-19. The completion of this survey will help to expedite activation of the EIDL program in South Dakota. Completed forms may be submitted by email to the State of South Dakota Governor’s Office of Economic Development at: goedinfo@state.sd.us. Please note, this is an initial survey form only – not an SBA loan application. When the EIDL program is activated, businesses will be able to apply directly to the SBA.

For the most current information from the State of South Dakota for small business disaster response for COVID-19 economic impact, please refer to https://news.sd.gov/.

What You Can Do Now

Businesses can start preparing information for the application.

These are some of the documents they may need:

  • Business Loan Application (SBA Form 5) completed and signed by the business applicant.
  • IRS Form 4506-T completed and signed by Applicant business, each principal owning 20% or more of the applicant business, each general partner or managing member and, for any owner who has more than a 50% ownership in an affiliate business. (Affiliates include business parent, subsidiaries, and/or businesses with common ownership or management).
  • Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; an explanation if not available.
  • Personal Financial Statement (SBA Form 413) completed, signed and dated by the applicant (if a sole proprietorship), each principal owning 20% or more of the applicant business, each general partner or managing member.
  • Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used). 

Additional information that may be necessary to process your application:

  • Complete copies, including all schedules, of the most recent Federal income tax returns for each principal owning 20% or more of the applicant business, each general partner or managing member, and each affiliate when any owner has more than a 50% ownership in the affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.
  • If the most recent Federal income tax return has not been filed, a year-end profit and loss statement and balance sheet for that tax year are acceptable.
  • A current year-to-date profit and loss statement.
  • Additional Filing Requirements (SBA Form 1368) providing monthly sales figures

SBA Disaster Assistance Resources Handout  |  download

Three-Step Process SBA Disaster Loans Reference  |  download