The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in West Virginia about the approaching deadline to apply for federal disaster loans. These loans aim to mitigate economic losses caused by severe storms, flooding, landslides, and mudslides that occurred on April 11-12, 2024. The deadline for applications is set for April 3, 2025.
The disaster declaration includes multiple counties across West Virginia, Ohio, and Pennsylvania. Affected areas in West Virginia include Boone, Brooke, Calhoun, Clay, Doddridge, Fayette, Hancock, Harrison, Jackson, Kanawha, Lincoln, Logan, Marion, Marshall, Monongalia, Nicholas, Ohio Pleasants Putnam Raleigh Ritchie Roane Tyler Wetzel Wirt Wood Wyoming. In Ohio: Athens Belmont Columbiana Jefferson Meigs Monroe Washington; and in Pennsylvania: Beaver Greene Washington.
Under this declaration the SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses small agricultural cooperatives and PNPs with financial losses directly related to the disaster. However the SBA cannot provide disaster loans to agricultural producers farmers or ranchers except for small aquaculture enterprises.
EIDLs can be used for working capital needs even if no physical damage was suffered by the business or PNP. The loans cover expenses such as fixed debts payroll accounts payable and other bills not paid due to the disaster.
"SBA loans help eligible small businesses and PNPs cover operating expenses after a disaster which is crucial for their recovery," said Chris Stallings associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for PNPs with terms extending up to 30 years. Interest does not accrue nor are payments due until one year from the date of first loan disbursement. Loan amounts and terms are determined based on each applicant's financial condition.
To apply online visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance services are also accessible via telecommunications relay services by dialing 7-1-1.
The deadline to return economic injury applications remains April 3 2025.
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