SBA Form 1366, SBA Disaster Assistance Program Borrower's Progress Certification
What Is SBA Form 1366?
SBA Form 1366, SBA Disaster Assistance Program Borrower's Progress Certification - also known as the SBA Loan Form 1366 - is a form used to request a subsequent disbursement of the loan. The form is filled by all Small Business Administration (SBA) disaster loan borrowers and it requires the information on the borrower and all items which were or going to be purchased to fix the damaged property.
The latest version of the form was released by the SBA in December 2009 with all previous editions obsolete. The newest SBA Form 1366 fillable version is available for digital filing and download below:
The information provided in the disaster assistance program borrower's progress certification is used to evaluate the consequences of the disaster, determine their severity and the number of unused funds that should be paid back to the SBA. The information about the amount and purposes of the money should be provided on the form with invoices or receipts attached to the form.
By signing this form, the borrower certifies that they have used all funds from other sources, no other requests were made without making SBA aware and all unused funds will be returned to the SBA. Providing wrong information on the form will result in criminal, civil or administrative sanctions, including fines up to $500.000 and imprisonment.
SBA Disaster Assistance Loan Application
The SBA disaster assistance loan application is an application for federal disaster loans for businesses, private non-profit organizations, homeowners and renters, who suffered from natural disasters. SBA provides loans for repairing or replacing damaged or destroyed real estate, personal property, machinery and equipment, inventory and business assets. The SBA also offers loans for businesses to recover from economic damage.
The application can be filed online or by mail. The required paperwork will vary depending on the loan type. The SBA offers four types of disaster loans:
1. Home and Personal Property Loans.
The Home and Personal property loan are available for the homeowners and renters. Homeowners can use funds for replacing or repairing the real estate and personal property, however, renters can qualify only for replacing or repairing personal property only.
2. Business Physical Disaster Loans.
Business Physical Disaster Loans are designed for restoring business property.
3. Economic Injury Disaster Loans and Military Reservists Economic Injury Loans.
Business can apply for Economic Injury Disaster Loans to recover from economic troubles regardless of physical damage. Military Reservists Economic Injury Loans are designed for businesses, which have an essential employee who is a military reservist and was called up for active duty.
To qualify for any of the SBA loans, the borrower's home or business has to be located in the declared disaster zone.