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EDA Payroll Protection Program

The Economic Development Bank for the United States Virgin Islands – SBA 7(a) Paycheck Protection Program Loan Application Checklist

Once you have decided to apply for a loan guaranteed by the SBA through the Virgin Islands Economic Development Bank, you will need to collect the appropriate documents for your application as listed below. The SBA does not provide direct loans. The process starts with your local lender, the Economic Development Bank, working within SBA guidelines.

Use the checklist below to ensure you have everything to complete your application. Once your loan package is complete, the Economic Development Bank will review to determine completion prior to submitting it to the SBA for a decision. 

Part I:

Complete the following forms and fill them out using Adobe Acrobat Reader. At the bottom of each form, click the Submit button to submit your information. Please ensure that your Tax ID is entered the same way on each form.

  1. SBA Loan Application (Paycheck Protection Program) – To begin the process, you will need to complete an SBA loan application form. Download PPP Application
  2. SBA PPP Payroll Cost Calculation – Calculator and guide on how to calculate loan amounts (supporting documents is also required). Access the most current form here:  https://www.sba.gov/document/support--how-calculate-ppp-loan-amounts 

Part II:

Visit https://ppp.usvieda.org/ to upload the tax documents.

  1. Income Tax Returns – Include signed personal and business federal income tax returns of your business’ principals for previous year

  2. Employer’s Quarterly Virgin Islands Tax Return Form 941 V.I. (submit evidence of quarterly filing for 2019)

  3. Business License (current) & Valid Identification

 

*Note: Part I and Part II are required to begin the review process from the Economic Development Bank.  Once SBA approves your application, Part III is required.

Part III:

Please provide the following supporting documents. Visit https://ppp.usvieda.org/ to upload each document.

  1. Personal Background and Financial Statement – To assess your eligibility, the SBA also requires you complete the following forms:
  2. Ownership and Affiliations – Include a list of names and addresses of any subsidiaries and affiliates, including concerns in which you hold a controlling interest and other concerns that may be affiliated by stock ownership, franchise, and proposed merger or otherwise with you. Download Ownership Form
  3. Résumés/Reference/Credit Authorization/Release Authorization Forms – Include personal résumés, credit authorization, and release authorization for each principal. A release authorization is also required for the entity and any affiliations. 
  4. Beneficial Owner Application – must be completed. Download Beneficial Owner form
  5. Business Financial Statement – To support your application and demonstrate your ability to repay the loan, prepare and include the following financial statements: 
    • Profit and Loss (P&L) Statement – This must be current within 180 days of your application. Also include supplementary schedules from the last fiscal year.
  6. Loan Application History – Include records of any loans you may have applied for in the past.
  7. Business Overview and History – Provide a brief history of the business and its challenges. Include an explanation of why the SBA loan is needed and how it will help the business.
  8. Business Lease – Include a copy of your business lease (current copy and must be executed), or note from your landlord, giving terms of proposed lease.
  9. Real Property Ownership/Mortgage –Warranty deed, status of mortgage, monthly payment to include interest rate and term of note, and copy of real property taxes.
  10. Sole proprietor:
    • Certificate of Trade Name (if applicable and must be current)
  11. Corporation:
    • Articles of Incorporation and By-Laws (stamped by the Office of the Lieutenant Governor – Division of Trademark & Corporation)
    • Certificate of Incorporation of Qualification
    • Certificate of Good Standing (current)
    • Certificate of Trade Name (if applicable and must be current)
  12. Partnership:
    • Partnership letter and Security Agreement
    • Partnership Agreement
    • Certificate of Trade Name (if applicable and must be current)
    • Certificate of Limited Partnership (if applicable)
    • Resolution where Partnership contains Corporation as a Partner (if applicable)
    • Partnership Contains Limited Liability Company as a Partner (if applicable)
    • Partnership Contains Trust as a Partner (if applicable)
    • Partnership Contains Joint Venture as a Partner (if applicable)
  13. Limited Liability Company:
    • Articles of Organization/Certificate of Formation/Security Agreement/Operating Agreement (stamped by the Office of the Lieutenant Governor – Division of Trademark & Corporation)
    • Certificate of Trade Name (if applicable and must be current)
    • Certificate of Existence (current)

Deadline for PPP Application: July 31, 2020 11:59:59 pm.