The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations regarding the upcoming June 2 deadline to apply for federal disaster loans. These loans are intended to alleviate economic losses stemming from the drought that began on September 24, 2024.
This disaster declaration includes Greene, Fayette, and Washington counties in Pennsylvania, as well as Marshall, Monongalia, and Wetzel counties in West Virginia. The SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, agricultural cooperatives, nurseries, and nonprofits that have experienced financial losses due to the drought. However, these loans are not available to agricultural producers such as farmers or ranchers unless they operate small aquaculture enterprises.
The EIDLs provide working capital support for those affected by the disaster and can be used for expenses like fixed debts, payroll, accounts payable, and other bills that could not be paid due to the drought. This assistance is available even if there was no physical damage incurred by the business or organization.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Eligible entities can receive up to $2 million in loan amounts with interest rates set at 4% for small businesses and 3.25% for nonprofits over terms up to 30 years. Interest does not accrue until 12 months after the first loan disbursement date.
Applications can be submitted online at sba.gov/disaster or through SBA’s Customer Service Center at (800) 659-2955. For further inquiries about disaster assistance via email: disastercustomerservice@sba.gov. Individuals who are deaf or hard of hearing can use telecommunications relay services by dialing 7-1-1.
All completed applications must be submitted by June 2, 2025.