NewsMay 11, 2022
SBA Deadline Approaching for New York Small Businesses Affected by Severe Storms and Flooding to Apply for Working Capital Disaster Loans
The U.S. Small Business Administration (SBA) is reminding businesses in New York to apply for working capital loans before the June 9 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 on July 14, 2021.
The disaster declaration covers the following counties: Albany, Columbia, Greene, Rensselaer, Saratoga and Washington in New York; Bennington in Vermont; and Berkshire in Massachusetts.
These federal Economic Injury Disaster Loans (EIDL) 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 2.88 percent for small businesses and 2 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 SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA declaration # 17160.
Disaster loan information and application forms can 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 sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from 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 submit economic injury applications is June 9, 2022.