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 are intended to offset economic losses caused by excessive rain from July 29 through August 20, 2024. The deadline for applications is July 28, 2025.
The disaster declaration includes the counties of Cayuga, Cortland, Madison, Onondaga, and Oswego. Under this declaration, 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 are small aquaculture enterprises.
EIDLs are designed to cover working capital needs resulting from the disaster and can be used even if there was no physical damage to the business or nonprofit. The loans may help pay fixed debts, payrolls, accounts payable, and other bills that were not covered due to the disaster.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said 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. Terms can extend up to 30 years. Interest does not accrue until 12 months after the first loan disbursement.
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. For those who are deaf or hard of hearing or have a speech disability, telecommunications relay services can be accessed by dialing 7-1-1.
Completed loan applications must be submitted by July 28, 2025.
The U.S. Small Business Administration helps support entrepreneurs and small business owners in starting and growing their businesses or recovering from declared disasters through its network of field offices and partnerships with public and private organizations.