SBA - U.S. Small Business Administration
08/20/2024 | Press release | Distributed by Public on 08/21/2024 05:45
SBA Working Capital Loan Deadline Approaching for New York Small Businesses Affected by Five-Alarm Fire in Brooklyn
Disaster press release 24-579
SBA Working Capital Loan Deadline Approaching for New York Small Businesses Affected by Five-Alarm Fire in Brooklyn
Published on August 20, 2024 by Disaster Field Operations Center East
ATLANTA - The U.S. Small Business Administration (SBA) is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that Sept. 19 is the filing deadline for federal working capital loans for losses due to a five-alarm fire that occurred on Aug. 20, 2023.
The declaration covers the primary county of Kings, and the adjacent counties of New York, Queens and Richmond in New York.
These federal Economic Injury Disaster Loans (EIDLs) are for working capital needs caused by the disaster.
The loan amount can be up to $2 million with interest rates of 4% for small businesses and 2.375% 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, account 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.
To apply online and receive disaster assistance information visit SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
Submit completed loan applications to SBA no later than Sept. 19, 2024.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Related programs: Disaster