About This Page
There is a flood of information online relating to COVID-19. Content posted to this page is that which we have identified as the most important, often actionable, information for business owners and employers. Please bookmark and refer back to this page frequently for updates.
Preparing my business for a COVID-related business loan: First Steps
We know from past experience with disaster recovery that early assistance, and most assistance, comes in the form of loans for businesses. We recommend you complete the following steps to prepare:
BDCC-Resiliency-Assessment: This worksheet (excel) will help you understand your financial position. Below, on this page, you will find an embedded tutorial.
Regardless of the kind of aid you might pursue – the following list of items will be required. You should start to gather these because it will take some time and you need to be ready to produce them when you’re asked.
- Statement of Impact/Need
- Completed Stress Test
- Employee Summary
- Last Year Balance Sheet
- Current Balance Sheet
- Last Year Income Statement
- Current YTD Income Statement
- Business Plan, if available
- Provide 2 Years of Personal and Business Income Tax Filings
- Current list of Account Payable
- Current list of Accounts Receivable
- List of Collateral Sources
You need to work with a business adviser to consider your options. Additional debt might not be what’s right for the business – or you. An analysis must be completed to understand your options.
Resiliency Assessment Tutorial: