SBA Disaster Loans are currently available to small businesses in Iowa, and small businesses have been applying for those loans since Saturday, March 21. The current expected wait for applicants is 3 weeks, with an additional week for funds to be deposited. It is imperative that businesses get their application filed as soon as possible to get those funds in their hands so they can get their bills paid and payroll obligations met. Even if businesses are not sure whether they will want to take out the full amount of loans available to them, they should still apply as soon as possible. Applicants will not be required to take out any or all of the amounts offered. Businesses should get their applications filed, and once they know what amounts are being offered, they can make the determination whether to take out some or all of those funds at that time.
The first question: what constitutes a Small Business under the SBA?
Eligibility requirements are based on a business’s NAICS code. The requirement will be based either on average annual receipts or on number of employees, depending on the NAICS code for the business. The SBA website has a list of NAISC codes available for search. Types of business that would be eligible for applying for these SBA Disaster Loans include (there are thousands of NAISC Types, below is just a sampling):
|Type of Business||NAISC Code||Size|
|Full-Service Restaurants||722511||$8 Million|
|Drinking Places (Alcoholic)||722410||$8 Million|
|Lessors or Residential Buildings||531110||$30.0 Million|
|Lessors of Nonresidential Buildings||531120||$30.0 Million|
|Marketing Consulting Service||541613||$16.5 Million|
|Architectural Services||541310||$8.0 Million|
|Graphic Design Services||541430||$8.0 Million|
|Physician/Dentist/Chiropractors Offices Various||$8.0-$12.0 Million|
If you have questions regarding your business, and whether you are eligible or qualify for these SBA Disaster Loans, contact our office and we will assist you.