The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in New York about the upcoming deadline to apply for federal disaster loans. These loans are intended to offset economic losses resulting from severe weather events, including tornadoes, hurricanes, high winds, flash floods, excessive rain, and hail that began on July 10, 2024. The deadline for applications is April 14, 2025.
The disaster declaration encompasses numerous counties in New York: Allegany, Broome, Cattaraugus, Cayuga, Chautauqua, Chemung, Chenango, Cortland, Genesee, Erie, Herkimer, Jefferson, Lewis, Livingston, Madison, Monroe, Niagara, Oneida, Onondaga, Ontario, Oswego, Schuyler Seneca St. Lawrence Steuben Tioga Tompkins Wayne Wyoming and Yates.
Under this declaration by 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.
These EIDLs are designated for working capital needs caused by the disaster even if no physical damage occurred. They can be used for various expenses such as fixed debts payroll accounts payable and other bills not paid due to the disaster.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster which is crucial for their recovery," stated 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.”
Eligible applicants may receive loan amounts 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 after the first loan disbursement. The SBA determines loan amounts and terms 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.
Applications must be submitted by April 14 2025.