Did you receive an SBA Loan 7b during 2020? It is also referred to as the EIDL, Economic Injury Disaster Loan. It would have been directly paid to you from the SBA (not through a bank).
In your loan documentation it states that you had 6 months to submit a Resolution of Board Members to the SBA.
RESOLUTION OF BOARD OF DIRECTORS
Borrower shall, within 180 days of receiving any disbursement of this Loan, submit the appropriate SBA Certificate and/or Resolution to the U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX 76155.
The SBA has now started reaching out to clients who have not yet submitted this documentation for this. As well as proof (coverage page) of their hazard insurance. The easiest thing is to fill out their form for this, located here.
DUTY TO MAINTAIN HAZARD INSURANCE
Within 12 months from the date of this Loan Authorization and Agreement the Borrower will provide proof of an active and in effect hazard insurance policy including fire, lightning, and extended coverage on all items used to secure this loan to at least 80% of the insurable value. Borrower will not cancel such coverage and will maintain such coverage throughout the entire term of this Loan. BORROWER MAY NOT BE ELIGIVLE FOR EITHER ANY FUTURE DISASTER ASSISTANCE OR SBA FINANCIAL ASSISTANCE IF THIS INSURANCE IS NOT MAINTAINED AS STIPULATED HEREIN THROUGHOUT THE ENTIRE TERM OF THIS LOAN. Please submit proof of insurance to: U.S. Small Business Administration, Office of Disaster Assistance, 14925 Kingsport Rd, Fort Worth, TX 76155.
Again, the SBA is reaching out via phone and then following up via email with this request for the Resolution and proof of insurance.
If you joined the COVID-19 Response program earlier this year, we’re helping you complete this task. Forward us any communications from the SBA and we’ll assist from there.