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CO online Form 4506-T: What You Should Know
If a loan requires access to tax returns, the lender must first receive a written or electronically signed form from the borrower authorizing the IRS to provide SBA with tax return information. To facilitate the loan process, the SBA does not provide transcripts before submitting a COVID-19 IDL application. Why do I have to call the SBA? SBA's Form 4506-C (Form 4506-T Request) (available at) is not a statutory form. In order for the SBA to process the request and to respond to the application for disaster loan assistance, the SBA's office manager must first be alerted to a COVID-19 IDL application. At that point, the loan officer will contact the SBA, obtain the form from the SBA and return with it to the loan officer. The loan officer will complete the COVID-19 IDL application as soon as the SBA receives the form. The SBA will send the applicant credit information in the mail in response to the form. Why do I need to send the tax return information to the SBA? Many lenders ask if I have a copy of my tax return. SBA and COVID-19 IDL use the tax return information and information received from the lender. To ensure you receive the loan application that can help you recover funds during the disaster, the SBA asks you to provide a copy of the tax return that you received or otherwise have access to. Am I, the person requesting the tax information, responsible for ensuring that the SBA obtains it? Yes, the SBA is responsible for getting your tax return so that the lender can obtain tax transcripts. However, the SBA will do all in its power to ensure that the tax return information received from the SBA is accurate and complete. Can the SBA see the tax returns that I provided? Yes. The records held by the SBA are not restricted and can include the following personal tax records: 1. The individual's W-2. 2. The individual's federal income tax returns If an SBA taxpayer has been unable to obtain required information due to a loss of official records, he or she may submit the tax return information via the Form 4506-T Request. If the taxpayer did not use a Form 4506-T in the previous calendar year, he or she should submit the following supporting documents: 1.
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