Michael Lampton Contributor
The U.S. Small Business Administration (SBA) reminds businesses in Florida to apply for working capital loans by the Friday, June 24 deadline. The Disaster Loan Program is available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations affected by severe storms and flooding from 3-7 August 2021.
The disaster declaration covers Dixie, Jefferson, Lafayette, Madison and Taylor counties in Florida.
These Federal Economic Disaster Loans (EIDLs) are for working capital needs caused by the disaster and are available even if the business has not suffered any physical damage.
Loan amounts can be up to $2 million with interest rates of 2.855% for small businesses and 2% for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the applicant’s size, type of business, and financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation. These working capital loans can be used to pay fixed debts, salaries, accounts payable and other bills that could have been paid had the disaster not occurred. Loans are not intended to replace lost sales or profits.
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA statement #17195.
Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (for those who are deaf, hard of hearing, or have a speech impediment , please dial 7-1-1 to access telecommunications relay services), or by emailing [email protected] Loan applications can be downloaded from the SBA website at sba.gov/disaster.
Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for submitting economic injury claims is Friday, June 24, 2022.