U.S. Small Business Administration, Contributor
The U.S. Small Business Administration (SBA) is reminding businesses in Florida to apply for working capital loans before 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 nonprofit organizations affected by the severe storms and flooding between Aug. 3 and Aug. 7, 2021.
The disaster declaration covers Dixie, Jefferson, Lafayette, Madison and Taylor Counties in Florida.
These federal Economic Injury Disaster Loans (EIDLs) are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage.
Loan amounts can be up to $2 million with interest rates of 2.855-percent for small businesses and two-percent for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA's secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration #17195.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at (800) 659-2955 (for people who are deaf, hard of hearing or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Rd., Fort Worth, Texas 76155.
The deadline to submit economic injury applications is Friday, June 24.