Nikki received an update from SBA. If you are a sole proprietor or organized as an LLC, you DO qualify for the new, low-interest SBA loan. Here is what they had to say:
“Most small business owners whether they are sole proprietors or organized as an LLC take income from the business as a draw – a withdrawal of profits. The SBA understands this. You are right it is not booked as a business expense. But the economic injury you likely are experiencing is evaluated based on your reduction in revenue (sales) which results in less profits (which results in less income to the owners ultimately).
Absolutely you should apply to disasterloan.SBA.gov. Supply your tax returns as required. Supply your financial statements with your accountant’s help. And show the decrease in revenues on the form the process will request. You are not in a unique situation. Self-employed are small business owners too.”
If you need financial assistance, are self employed, and have already closed your doors, we encourage you to go to the above Web site as soon as possible.
Thanks to Nikki for her unyielding search for answers. ~ AMTA-CT BOD