SBA Working Capital Loans Available for Eligible Small Businesses Affected by Tropical Storm Ida (2021)
The Washington Metropolitan Area District Office of the U.S. Small Business Administration (SBA) reminds eligible business owners in the Maryland counties of Prince George's and Montgomery, in addition to the contiguous areas of the District of Columbia and Northern Virginia counties of Arlington, Fairfax and Loudoun, to apply for working capital loans before the July 18, 2022 deadline.
This disaster loan program is available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations that were affected by the remnants of Tropical Storm Ida that occurred from August 31 through September 4, 2021.
These federal Economic Injury Disaster Loans (EIDLs) are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. Loan amounts can be up to $2 million with interest rates of 2.855 percent for small businesses and 2 percent 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, accounts payable, and other bills that could have been paid had the disaster not occurred.
Such loans are not intended to replace lost sales or profits. Applicants may apply online using the Electronic Loan Application (ELA) via the SBA?s secure
website at https://DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration #17230.
Disaster loan information and application forms may also be obtained by calling the SBA?s Customer Service Center at 800-659-2955 (for people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to [email protected].
Loan applications can be downloaded from the SBA?s website at https://www.sba.gov/disaster. Completed applications should be mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road
Fort Worth, TX 76155
The deadline to submit economic injury applications under this declaration is Monday, July 18, 2022.
DISCLAIMER: All SBA programs and services are extended to the public on a nondiscriminatory basis.?This website is provided as a public service. It is not an official U.S. government website and it may contain links to non-U.S. government information. Inclusion of such links does not constitute or imply an endorsement by SBA. SBA is not responsible for the content, accuracy, relevance, timeliness or completeness of linked information. Please use caution when considering a product, service or opinion offered by a linked website.
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