The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in New York of the upcoming deadline to apply for federal disaster loans. These loans aim to mitigate economic losses caused by high winds and hail on August 11, 2024. The application deadline is set for July 28.
This disaster declaration includes the counties of Cayuga, Genesee, Monroe, Niagara, Ontario, Orleans, Seneca, and Wayne. Under this declaration, the SBA's Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, small agricultural cooperatives, nurseries, and private nonprofits that experienced financial losses directly linked to the disaster. However, agricultural producers such as farmers or ranchers are not eligible unless they operate small aquaculture enterprises.
EIDLs are intended for working capital needs resulting from the disaster and can be used even if no physical damage occurred. They may cover expenses like fixed debts, payroll, accounts payable, and other bills that went unpaid due to the event.
Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA stated: “Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover.” He added: “We’re pleased to offer loans to small businesses and private nonprofits impacted by these disasters.”
Eligible applicants can receive loans up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Loan terms can extend up to 30 years. Interest does not accrue until one year after the first loan disbursement date.
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 disaster assistance options. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
The final date for submitting economic injury applications is July 28.