Did an SBA Attorney Ask About Your Business & EIDL? DO THIS NOW

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SBA attorneys and attorney assistants are currently reaching out to businesses that received Economic Injury Disaster Loan (EIDL) money. There are several reasons why they may emailing or calling you:  

 They want proof that you have insurance to cover the collateral for your loans. If you received an EIDL, the agreement said that you needed to provide proof of insurance on collateralized assets is the loan was over $25,000. 
However, there were notices of exception set out in many cases.  

They want to see that you have an official consent from your business to take the loan.  

In the case of the insurance, if the attorney asks for that, provide proof of your business income. If you work from home, usually your home insurance policy would include a statement for other personal property that might be used for the business.  

In the case of the official consent, they are looking for a particular form. You can find a template here.

When you open up the templates, you’ll see that there are three of them. One is for a single member LLC that operates as a Schedule C (Sole Proprietorship) business. One is for a partnership or multi-member LLC that operates as a partnership. And the final one is for a corporation or an LLC that operates as a corporation. 
Select the correct template and then fill in the blanks as indicated.
Make sure you sign it and then save it as a PDF. If you don’t have a scanner, you can download a scanner on your smart phone that allows you to turn paper documents into PDFs.
If you received an EIDL and haven’t yet been contacted by an SBA attorney, you most likely will in the near future.
Download the template, fill it out and turn it into a PDF, so that you’re ready with the document they will request.  

You can get the template Here.


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