SBA Form 3502 – Economic Injury Disaster Loan Supporting Information –Economic Injury Disaster Loan Supporting Information-SBA Form 3502-Small Business Administration. The SBA Form 3502 is accessible on our website since, for some reason, the SBA is not making the form available via their own channels. On their website, it is not listed as being available.
Please keep in mind that we are certified public accountants. We would welcome the opportunity to speak with you about how to manage your books, establish plans, or prepare taxes; but, we do not have a unique connection with the SBA and do not make loan decisions on their behalf.
What Exactly Is Form 3502?
This is a clarification information form that the Small Business Administration (SBA) demands if they reject your SBA EIDL loan and you ask for a review.
What Is The Location Of SBA Form 3502?
We were able to locate the form, which you may access by clicking on the link below.
When Is The Deadline For Submitting Form 3502?
The Small Business Administration (SBA) may require that you submit this form. In most cases, they will only require the form after they have rejected your EIDL application and you have asked that they rethink their decision on your application. According to what we’ve observed, they send an email with a request for the form; they claim it’s attached, but it’s not there.
What Information Does The Small Business Administration (SBA) Want To See On This Form?
They aren’t making themselves plain. However, according to the denial letter and our interactions with the SBA, the SBA is searching for evidence of economic damage. Due to the fact that they are only seeking for information pertaining to 2019, we believe that they are searching for information on profit in 2019. We have seen that the Small Business Administration (SBA) is denying loans from enterprises whose expenditures surpass their revenues.
Because expenses and revenues were what they were in 2019, there is nothing you can do to alter them. It is possible, however, to make the case that you were investing in the expansion of a firm that would have otherwise made a profit this year had COVID-19 not occurred. We do not yet know if the Small Business Administration will accept this reasoning.