We at EDF understand many businesses are struggling through these unprecedented times. We are here to help you navigate through your financial needs. SBA regulations allow us (with proper documentation), to assist our clients with payment deferments on your SBA 504 loan, should there be a need. Due to the high volume of loan deferment requests, EDF will not be able to begin processing your request until this form has been filled out, submitted, and ALL of the requested documents (listed below) have been uploaded through the emailed link as described in the section below “Starting the deferment process”.
Two of the forms, a personal financial statement, and Debt Schedule, will need to be downloaded and filled out prior to uploading the requested financials. The link to these forms can be found below.
EDF is diligently working on these requests and they are our highest priority.
To process and approve a deferment for the following month, we will need the following information by the 10th of any month. Please note that deferments can be retroactive; therefore, if a payment is missed, it can be requested to be included in the 6-month deferment period. (note – any missing or incomplete information will delay the processing of your deferment). Additionally, please make sure tax returns ARE NOT password protected.
Terms of Deferment:
- The deferment period will be for 6 months.
- Deferments will be “partial deferments”, meaning principal and interest will be deferred and fees will be paid by the borrower directly to Wells Fargo monthly. Full deferments will be allowed for businesses that have been shut down since the beginning of the stay at home order.
- Interest will accrue during the deferment and catch-up period.
- Please note that deferments can be retroactive. This means that if you miss a payment, it can be included in a request.
- The Catch-up payment for the 6-month deferment will be fully amortized for 5 years.
- The Catch-up payment will be added to your regular scheduled payment beginning the 1st month after deferment period ends.
Starting the deferment process:
- To begin the deferment process please click the link at the bottom of this page. It will take you to EDF’s Deferment Request Intake Form. This form will ask you questions regarding how your business was affected by COVID-19 and why you are requesting the deferment.
- After you have completed the intake form an email will be sent to you allowing you to securely upload the items requested in the checklist below. Please note that this form does have a “save” feature; however, we recommend you do not start the process until the below documents are easily accessible.
CHECKLIST OF REQUIRED ITEMS:
Operating Company Information – For ALL Operating Companies Affiliated with Your Loan:
- 2018 Tax Return
- 2019 Tax Return or copy of extension
- 12/31/2019 Balance Sheet & Profit & Loss Statement (Can be from QuickBooks)
- Balance Sheet Dated within the last 30 days
- Profit and Loss Statement dated within the last 30 days
EPC/Real Estate Holding Company Information:
- 2018 Tax Return
- 2019 Tax Return or copy of extension if filed
- If extension has been filed, please send 12/31/2019 Balance Sheet & Profit & Loss Statement (Can be from QuickBooks)
Personal Guarantor/s Information – For Each Guarantor:
- 2018 Personal Tax Return
- 2019 Personal Tax Return or copy of extension (if available). If not available, because we need two full years of personal tax returns, please send complete 2017 Personal Tax Return.
- Personal Financial Statement – dated within last 90 days. Please make sure form is signed and dated along with spouse’s signature.
Real Estate Taxes:
- Evidence that 2019 and 2020 Real Estate Taxes have been paid (receipt or cleared check)
Click HERE Start the Deferment Process.