SBA Form 5, Disaster Business Loan Application
What Is SBA Form 5?
SBA Form 5, Disaster Business Loan Application is a form used by business owners to request financial assistance in repairing or replacing real estate or business property damaged during a natural disaster. The Small Business Administration (SBA) requires the information provided via the form to make eligibility and credit decisions on loan requests.
The latest version of the form was released by the SBA in February 2015. An up-to-date fillable version of the form is available for digital filing and download below:
The SBA Form 5C (Disaster Home Loan Application) is a related form used for requesting loans necessary to repair or replace personal property damaged by a federally-declared disaster.
SBA Form 5 Instructions
The SBA Disaster Loan program offers low-interest disaster loans of up to $2 million for restoring or replacing disaster-damaged, uninsured, real and personal property.
- To be considered eligible for the loan, the business must be adversely impacted by a state or federally-declared disaster. All data in the form provided must be complete and correct. Submitting incomplete or false information will result in civil or criminal penalties. The business owner may apply for the loan online, in-person, or by mail.
- The business owner is obliged to provide all the necessary data and attach the documents listed in the filing requirements listed on the form. This includes the following:
- Tax Information Authorization (IRS Form 8821 or IRS Form 4506);
- Copies of the most recent Federal income tax returns;
- SBA Form 413 (Personal Financial Statement);
- SBA Form 2202 (Schedule of Liabilities). SBA Form 2202 is a supplement to the SBA Form 5 and provides a list of the business owner’s existing liabilities. The required data includes the names of all creditors, the original due amounts, the original due dates, the current balance for each debt, the maturity dates, the payment amounts and how each debt is secured.
- The business owner has to provide a detailed description of their business. Required information includes the full address of the damaged property, the type of organization, its legal name, trade name, the business owner’s Federal Employer Identification Number (EIN), phone number, mailing address, and the date the business was established.
- The SBA allows using the services of an attorney, accountant, engineer, appraiser, or other representatives to help the business owner with the preparation of the application. The provided services have to be disclosed in the form.
SBA Form 5 Section 22
Section 22 was removed from the latest version of the SBA Form 5. Previously, business owners that had spouses or family members working for the SBA had to disclose that information by completing Section 22 and providing additional data at the request of the Agency within 7 business days.