The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Georgia of the approaching deadline to apply for federal disaster loans. These loans are intended to offset economic losses caused by water main breaks that occurred from May 31 through June 6, 2024. The deadline for applications is April 10, 2025.
The declaration covers several counties in Georgia, including Carroll, Cherokee, Clayton, Cobb, Coweta, DeKalb, Douglas, Fayette, Forsyth, Fulton, and Gwinnett. Under this declaration, the SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses and private nonprofits with financial losses directly related to the disaster. However, agricultural producers such as farmers or ranchers are not eligible unless they are small aquaculture enterprises.
EIDLs can be used for working capital needs resulting from the disaster and can cover expenses like fixed debts and payroll even if there was no physical damage to the business or nonprofit organization.
“SBA loans help eligible small businesses and private nonprofits 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 private nonprofits. The terms can extend up to 30 years. Interest does not accrue until one year after the first loan disbursement.
Applications can be submitted online at sba.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1.
Completed loan applications must be submitted by April 10, 2025.