NEWS
BYTES
November 2001
HELP AVAILABLE TO WTC AREA BUSINESSES
TO ALL OUR CLIENTS AND FRIENDS
Our
firm would like to extend as much help as we can to all our
clients affected by the terrible events of September 11, 2001.
We
have gathered information on disaster financial relief. Please
call us if you need additional assistance.
The
following loans are being offered by the SBA (Small Business
Administration):
Business
Physical Disaster Loans for Small Businesses- Loans
to businesses to repair or replace disaster damages to property
owned by the business, including real estate, machinery and
equipment, inventory and supplies.
Economic
Injury Disaster Loans (EIDL) for Small Businesses- Loans
for working capital to small businesses to assist them through
the disaster recovery period. These loans cover operating expenses
the business could have afforded to pay, if disaster had not
occurred.
These
loans should be applied for in person by a greater then 20%
owner at the following locations:
- 633
3rd Avenue at East 42nd, 32nd
Floor
- 80
Pine Street
- 110
William Street
- 62
Mott, ½ block south of canal
- 180
Waters Street
The
owner representing the business should bring the following information
with them if they have it available:
- Business
Financial Statements
- Corporate
tax returns of the business (prior three years)
- Current
year income statement (Through August 31,2001 if information
is available)
- Current
year Balance Sheet (within 90 days of filing)
- Owner’s
personal financial statement (or current Bank and portfolio
statements)
- Schedule
of liabilities of the business.
Filing
Deadlines:
- For
physical damage to property
November 10,2001
- For
economic injury June 11, 2002
Credit
Requirements:
- Collateral
is required for all physical loss loans over $10,000 and all
economic loans over $5,000.
- Applicants
must show the ability to repay all loans.
- Applicants
do not need to have full collateral; SBA will take what is
available to secure each loan.
Private
Credit Sources
New
York’s banks are extending additional credit, waiving loan payments
for businesses seriously hurt in the disaster. Please check
with your financial institution to see if you qualify for any
of these concessions.
If
you should require copies of tax returns or financial statements
for your bank or the SBA please call on us, we are ready to
help.
.
