Hi there! This really depends on the lender, so I would check with your financial institution first. However, not all lenders require the most recent tax returns to qualify.
You will probably have to provide a Form 4506-T so that the bank can see your tax transcripts from earlier years, and they will probably require alternate methods of verifying your income before approving your request. But you can probably work around not having your 2019 return. That being said, it’s not too late to file for 2019!
It might not be processed in time to get your SBA loan, but it’s the best way to verify income for future credit requests. Not to mention, staying compliant with the IRS is always advisable, especially for a small business owner.
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Sarah is a staff writer at Keeper Tax and has her Enrolled Agent license with the IRS. Her work has been featured in Business Insider, Money Under 30, Best Life, GOBankingRates, and Shopify. She has nearly a decade of public accounting experience, and has worked with clients in a wide range of industries, including oil and gas, manufacturing, real estate, wholesale and retail, finance, and ecommerce. Sarah has extensive experience offering strategic tax planning at the state and federal level. During her time in industry, she handled tax returns for C Corps, S corps, partnerships, nonprofits, and sole proprietorships. Sarah is a member of the National Association of Enrolled Agents (NAEA) and maintains her continuing education requirements by completing over 30 hours of tax training every year. In her spare time, she is a devoted cat mom and enjoys hiking, baking, and overwatering her houseplants.