Many commercial real estate investors and small business owners have been hit hard by the COVID-19 pandemic; the economic impact has been shocking to many. If you are among some of the hardest-hit business owners, you may have received the Small Business Administration's (SBA) targeted loan application. Many targeted business owners completed the application and were denied. I'm sure that this has come as a surprise to many.
If you were denied, don't feel dismayed, The SBA has a process for you to appeal, Your application could potentially be reconsidered, and those much-needed grant funds could be in your business account sooner than you think. Here's more information about the appeals process.
How much time do I have to appeal?
If your application was denied, you have a 45-day window to appeal the SBA's determination. But before you begin the process, you should consult with a competent advisor.
What information should be included in your appeal?
To file the appeal, you will need to provide the information listed below:
- The full name of your company.
- The name, address, email, and telephone and fax numbers of your business or the attorney representing the business.
- A statement of basis for The Office of Hearings and Appeals OSHA jurisdiction denial of program entry under 13 C.F.R. §§ 124.206 and 134.102(j)(1)).
- A claim stating that SBA acted "arbitrarily, capriciously, or contrary" to law in denying your Targeted EIDL application.
- The reason why the SBA's decision was done "arbitrarily, capriciously, or contrary."
- A clear, concise statement of the facts that would cause the SBA to reverse or modify the decision.
- A statement of the relief being sought.
- The signature of the petitioner's owner, officer, or attorney.