The U.S. Small Business Administration (SBA), which approved more than $10 million in federal disaster loans for California businesses and residents impacted by severe storms and flooding that occurred Feb. 1-25, has extended the deadline to apply for an Economic Injury Disaster Loan (EIDL) to Dec. 20.
Small businesses and most private nonprofit organizations of any size may continue to apply for these loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business or nonprofit organization suffered any property damage.
The interest rate is 3.15 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. The deadline to submit an EIDL application is Dec. 20, 2017.
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for an Economic Injury Disaster Loan of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
Applicants may apply online using SBA’s secure website at https://disasterloan.sba.gov/ela.