ATLANTA – The SBA is encouraging small businesses with economic losses due to the hurricane to apply for a Economic Injury Disaster Loan before the deadline.
Release:
The U.S. Small Business Administration (SBA) encourages small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations in Georgia with economic losses due to Hurricane Idalia to apply for working capital disaster loans before the deadline. SBA will continue to partner with local stakeholders to conduct webinars and workshops targeted toward businesses and non-profit organizations located in disaster-declared counties. Future events will be announced through the media.
“To serve the economic interest of the community, we have an extended application time frame of nine months from the disaster declaration, which enables businesses to assess their needs before applying
for working capital loans. As the deadlines to apply approach, we urge businesses to act now,” said
Francisco Sanchez Jr., associate administrator of SBA’s Office of Disaster Recovery & Resilience.
Applicants in the following counties are eligible to apply: Atkinson, Berrien, Brantley, Brooks, Camden,
Coffee, Colquitt, Cook, Echols, Glynn, Irwin, Lanier, Lowndes, McIntosh, Thomas, Tift, and Wayne.
These federal Economic Injury Disaster Loan (EIDL) provide funds 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 4% or lower for small businesses and 2.375% or lower for private nonprofit organizations, with terms up to 30 years. Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the initial disbursement. 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 #18144.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you 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 Road, Fort Worth, TX 76155.
The deadline to return economic injury applications is June 7, 2024.
