The U.S. Small Business Administration (SBA) has issued a reminder for eligible private nonprofit (PNP) organizations in New York to apply for federal disaster loans by May 29. These loans are intended to help offset financial losses caused by severe storms, tornadoes, and flooding that hit the region on July 10-11, 2024.
The disaster declaration includes the New York counties of Cortland, Essex, Hamilton, Lewis, and St. Lawrence. The SBA's Economic Injury Disaster Loan (EIDL) program is available for PNPs offering non-critical governmental services that suffered financial losses due to the disaster. Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
The loans are meant for working capital needs and can be used for fixed debts, payroll, accounts payable, and other bills not paid because of the disaster. Physical damage to the organization is not a prerequisite to apply for these loans.
“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.”
The loans can be up to $2 million with interest rates as low as 3.25% and terms up to 30 years. No interest will be charged, and payments are not due until 12 months after the first loan disbursement. The loan amount and terms depend on the financial condition of each applicant.
Applications can be submitted online at sba.gov/disaster, or applicants can contact the SBA Customer Service Center for more information. The last day for submitting economic injury applications is May 29, 2025.
The U.S. Small Business Administration is a key resource for helping entrepreneurs and small business owners start, grow, and recover from declared disasters. They provide services through a network of SBA field offices and partnerships with other organizations.