The US Small Business Administration reminds non-farm small businesses in Nevada and neighboring counties in Arizona, California, Idaho, Oregon and Utah that the deadline to apply for a federal loan in SBA disaster case for economic harm is Dec. 8.
According to Director Tanya N. Garfield, small non-agricultural businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size can apply for economic disaster loans that can up to $2 million to help meet working capital needs caused by a disaster.
“Economic disaster loans can be used to pay fixed debts, salaries, accounts payable and other bills that cannot be paid due to the impact of the disaster,” Garfield said in a statement. Press.
“SBA eligibility covers both economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and businesses directly affected by the disaster. Economic injury assistance is available whether or not the plaintiff has suffered property damage,” Garfield said.
The interest rate is 2.83% for corporations and 1.875% for private non-profit organizations with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
By law, the SBA makes economic disaster loans available when the United States Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on April 8, 2022.
Businesses whose primary business is agriculture or ranching are not eligible for SBA disaster relief. Agricultural businesses should contact the Farm Services Agency about the United States Department of Agriculture assistance made available by the Secretary’s Statement. However, nurseries are eligible for SBA disaster assistance in the event of a drought.
Applicants can apply online, receive additional information about disaster assistance, and upload applications at https://disasterloanassistance.sba.gov/. Applicants may also call the SBA 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 impediment, dial 7-1-1 to access telecommunications relay services.
Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, Texas, 76155.