Businesses May Qualify for SBA Disaster Relief Loans
Even though Ascension Parish was not included in President Trump’s disaster declaration following the February 7 tornado, some local businesses may still qualify for Small Business Administration (SBA) disaster-relief loans.
According to information received from the SBA, businesses located in parishes contiguous to those that were declared disaster areas may qualify for assistance if they suffered economic injury from the tornadoes.
Economic Injury Disaster Loans (EIDL) are loans providing working capital to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.
The law limits EIDLs to $2,000,000, but the actual amount of each loan is limited to the economic injury determined by SBA, minus business interruption insurance and other recoveries up to the administrative lending limit. EIDL assistance is available only to entities and their owners who cannot provide for their own recovery from non-government sources, as determined by the U.S. Small Business Administration.
To be considered for all forms of disaster assistance, victims must first call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362). As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants.
For more information, contact SBA’s Disaster Assistance Customer Service Center by calling (800) 659-2955, emailing email@example.com, or visiting SBA’s Web site at https://www.sba.gov/disaster. Deaf and hard-of-hearing individuals may call (800) 877-8339. Applicants may also apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site at https://disasterloan.sba.gov/ela.