Deadline approaching to apply for SBA federal disaster loan for economic injuryEllysa Harris May 13, 2022 0 COMMENTS
Small nonfarm businesses have until June 7 to apply for a Small Business Administration federal disaster loan for economic injury.
The loans are low-interest and are meant to help offset economic losses caused by excessive moisture around its primary and neighboring counties between April 1-Aug. 31, 2021.
The interest rate for these loans is 3% for businesses and 2% for private nonprofits with terms of up to 30 years. The loan amounts and terms are set by SBA and are decided based on each applicant’s financial condition, according to a news release about the deadline from SBA.
“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disasters and businesses directly impacted by the disasters. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” said Tanya N. Garfield, with the SBA Disaster Field Operations Center-West.
Those eligible include small nonfarm businesses, small agriculture cooperatives, small businesses engaged in aquaculture and most private nonprofits of any size. They may apply for up to $2 million.
The money can be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid as a result of the disaster.
Businesses engaged primarily in farming or ranching are not eligible.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email email@example.com for more information on SBA disaster assistance.
People who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Eligible counties include:
Anderson, Aransas, Brazoria, Fisher, Galveston, Goliad,
Harris, Hill, Houston, Lamb, Leon, Lubbock, Madison, McLennan, Mitchell, Nolan,
Refugio, San Patricio, Scurry, Starr, Waller and Williamson
Angelina, Austin, Bailey, Bastrop, Bee, Bell, Borden, Bosque, Brazos, Brooks, Burnet, Calhoun, Castro, Chambers, Cherokee, Cochran, Coke, Coryell, Crosby, DeWitt, Ellis, Falls, Floyd, Fort Bend, Freestone, Garza, Grimes, Hale, Henderson, Hidalgo, Hockley, Howard, Jim Hogg, Jim Wells, Johnson, Jones, Karnes, Kent, Lee, Liberty, Limestone, Live Oak, Lynn, Matagorda, Milam, Montgomery, Navarro, Nueces, Parmer, Robertson, Runnels, Sterling, Stonewall, Taylor, Terry, Travis, Trinity, Victoria, Walker, Washington, Wharton and Zapata in Texas