New York, NY – Today, Rep. Jerrold Nadler issued a small business grant for small businesses, small farm cooperatives, small businesses engaged in aquaculture, and most private nonprofits that have suffered financial losses due to the drought that has begun. announced the availability of the Economic Injury Disaster Loan (EIDL) from the Department of Economic Affairs (SBA). August 9, 2022. In New York, this disaster declaration includes Brooklyn, Manhattan, and Staten Island.
“I am pleased to announce that this disaster relief will be available to eligible entities affected by the severe drought we experienced this summer,” said Rep. Nadler. will continue to fight to mitigate the impact of unpredictable weather patterns on those most at risk.”
Who is eligible to apply for the EIDL and what are the requirements?
When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damage or loss to their crops, the Small Business Administration allows eligible entities (small businesses, small farm cooperatives, small businesses engaged in aquaculture) to large businesses, and most private non-profit organizations). , suffered the same disaster in the same affected area.
Both agribusiness and non-agricultural businesses, including nonprofits in the farming community, can be economically affected when farmers suffer. For example, if farmers are unable to plant or harvest due to drought, the disaster may affect agricultural implement vendors, pesticide applicators, feed and seed distributors, packers and cannery (farm related). , may affect local restaurants, retailers and wholesalers. , grocery stores, etc. (non-agricultural businesses).
Non-profit organizations that may be affected include thrift stores, bakeries, farm/fruit stores, charities, social organizations, museums, associations (co-operatives), road associations, water associations, etc. but not limited to these. If you generate sales of dues or typical expenses and the decline can be attributed to a disaster, you can apply for an Economic Injury Disaster Loan for working capital needed for drought-related losses. Please note that religious groups are not eligible.
These working capital loans may be used to pay fixed liabilities, salaries, accounts payable, and other bills that might have been paid had the disaster not occurred. Loans do not replace lost sales or profits.
Under this Declaration, SBA’s Economic Loss Disaster Loan Program is available to eligible agricultural and non-farm entities that have suffered economic losses as a direct result of this disaster. Except for aquaculture companies, SBA cannot provide disaster loans to agricultural producers, farmers, and ranchers. Nurseries are eligible to apply for an Economic Injury Disaster Loan for losses caused by drought conditions.
Loans are available in amounts up to $2 million at interest rates of 3.04% for small businesses and 1.875% for private nonprofits, with terms up to 30 years. These working capital loans cover fixed liabilities, salaries, accounts payable and other bills that could have been paid if the disaster hadn’t happened. Loans are not intended to replace lost sales or profits.
Applicants can apply online using an Electronic Loan Application (ELA) from SBA’s secure website at: DisasterLoanAssistance.sba.gov/ela/s/ Must apply under SBA Declaration # 17674.
Disaster Loan information and applications are also available by calling SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech impediment, 7-1 dial -1 to access the communication relay). service), or send an email to DisasterCustomerService@sba.gov.
Loan application forms can be downloaded from the SBA website. sba.gov/disasterCompleted applications should be mailed to the US Small Business Administration, Processing and Payment Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Submit your completed loan application to SBA by June 5, 2023.