Here is the mysterious SBA form 3502

We are making the SBA form 3502 available here on our website because for some reason the SBA itself is not distributing the form. It is not available on their website (SBA forms are here).

Please note that we are accountants. We would love to talk to you about managing your books, developing strategies, or preparing taxes we do not have a special relationship with the SBA and we don’t make decisions on loans.

What is form 3502

This is a clarifying information form that the SBA requests if they reject your SBA EIDL loan and you request reconsideration.

Where can I find SBA form 3502

We have managed to track down the form and you can download it here.

When do I need to submit form 3502

The SBA may request this form from you. Generally, they only request the form after they have rejected your EIDL application and you have requested that they reconsider. We have seen that they send an email with a request for the form, they say it is attached but it isn’t.

What is the SBA looking for in this form

They are not clear. But according to the rejection letter and our conversations with the SBA they are looking for economic injury. Since they are only asking for information relating to 2019 we think what they are looking for is profit in 2019. We have seen that companies that the SBA is rejecting loans from companies where costs exceed revenue.

Since costs and revenue were what they were in 2019, you can’t change that. But you may be able to make the argument that you were investing in growing a company that would have otherwise been profitable this year had COVID-19 not hit. We do not yet know whether the SBA will accept this argument.

Should I accept an EIDL loan

This is a loan so there is even a question as to whether you should accept it. Do you need it? Do you want to pay the interest? Read our Analysis here.

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Jeff Coyle, CPA

Jeff Coyle, CPA, Partner of Rosenberg Chesnov, has been with the firm since 2015. He joined the firm after 20 years of business and accounting experience where he learned the value of accurate reporting, using financial information as a basis for good business decisions and the importance of accounting for management.

He is a diligent financial professional, able to manage the details and turn them into relevant business leading information. He has a strong financial background in construction, technology, consulting services and risk management. He also knows what it takes to create organizations having built teams, grown companies and designed processes for financial analysis and reporting.

His business experience includes:

Creating and preparing financial reporting, budgeting and forecasting.
Planning and preparation of GAAP and other basis financial statements.
Providing insight on financial results and providing advice based on those results.

Jeff also has a long history of helping individuals manage their taxes and plan their finances including:

Income tax planning and strategy.
Filing quarterly and annual taxes.
Audit support.
General financial and planning advice.
Prior to joining the firm in 2015, Jeff was in the private sector where he held senior financial and management positions including Controller and Chief Financial Officer. He has experience across industries, including construction, technology and professional services which gives him a deep understanding of business.

Jeff graduated from Montclair State University, he is a CPA and member of the American Institute of Certified Public Accountants, New York State Society of Certified Public Accountants and New Jersey State Society of Public Accountants.

Jody H. Chesnov, CPA

Jody H. Chesnov, CPA, Managing Partner of Rosenberg Chesnov, has been with the firm since 2004.  After a career of public accounting and general management, Jody knows the value of good financials.  Clarity, decision making, and strategy all start with the facts – Jody has been revealing the facts and turning them into good business results for more than three decades.

He takes a pragmatic approach to accounting, finance and business. His work has supported many companies on their path to growth, including helping them find investors, manage scaling and overcome hurdles.  His experience and passion for business reach beyond accounting and he helps businesses focus on what the numbers mean organizationally, operationally and financially.

He has a particular expertise in early-stage growth companies.  His strengths lie in cutting through the noise to come up with useful, out of the box, solutions that support clients in building their businesses and realizing their larger visions.

Prior to joining the firm in 2004, Jody was in the private sector where he held senior financial and management positions including General Manager, Chief Financial Officer and Controller.  He has experience across industries, which gives him a deep understanding of business.

Jody graduated with a BBA in Accounting from Baruch College, he is a CPA and member of the American Institute of Certified Public Accountants and New York State Society of Certified Public Accountants.

In addition to delivering above and beyond accounting results, Jody is a member of the NYSCPA’s Emerging Tech Entrepreneurial Committee (ETEC), Private Equity and Venture Capital Committee and Family Office Committee.  

He is an angel investor through the Westchester Angels, and has served as an advisor for many startup companies and as a mentor through the Founders Institute.

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