The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in New Jersey about the upcoming deadline for applying for federal disaster loans. These loans aim to mitigate economic losses due to excessive rain and high winds that occurred on July 16, 2024. The application deadline is set for July 15, 2025.
The disaster declaration includes the New Jersey counties of Morris, Passaic, Sussex, and Warren; Orange County in New York; and Monroe and Pike counties in Pennsylvania.
Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofits with financial losses directly related to the disaster. However, agricultural producers, farmers, or ranchers are not eligible unless they operate as small aquaculture enterprises.
These EIDLs can be used for working capital needs caused by the disaster. They are accessible even if no physical damage was sustained by the business or organization. The funds may cover fixed debts, payroll expenses, accounts payable, and other bills affected by the disaster.
“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.”
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits over terms up to 30 years. Interest does not accrue nor are payments required until 12 months from when the first loan disbursement is made. 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 via email at disastercustomerservice@sba.gov for more information on SBA disaster assistance. Telecommunications relay services can be accessed by dialing 7-1-1 for individuals who are deaf or hard of hearing.
Completed loan applications must be submitted no later than July 15, 2025.
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