The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Mississippi of the upcoming March 10 deadline to apply for federal disaster loans. These loans aim to mitigate economic losses caused by severe weather events, including storms, tornadoes, and flooding that occurred from April 8-11, 2024.
The disaster declaration encompasses several counties in Mississippi: Attala, Claiborne, Copiah, Hancock, Harrison, Hinds, Holmes, Humphreys, Jasper, Kemper, Lauderdale, Leake, Leflore, Madison, Neshoba, Newton, Pearl River, Rankin, Scott, Sharkey, Simpson, Smith, Stone Sunflower Warren Washington Winston as well as St. Tammany Parish in Louisiana.
Under this declaration SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses small agricultural cooperatives nurseries PNPs that suffered financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers farmers or ranchers except for small aquaculture enterprises.
EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts payroll accounts payable other bills that would have been paid had the disaster not occurred.
The loan amount can be up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms up to 30 years. Interest does not accrue payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.
For more information and to apply online visit sba.gov/disaster Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance For people who are deaf hard of hearing or have a speech disability please dial 7-1-1 to access telecommunications relay services
The deadline to return economic injury applications is March 10 2025
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