SBA Deadline Approaching for Indiana Small Businesses to Apply for Working Capital Loans for June 2021 Severe Storms and Flooding
The U.S. Small Business Administration (SBA) is reminding small businesses in Indiana that April 7 is the filing deadline for federal Economic Injury Disaster Loans (EIDLs) due to the severe storms and flooding on June 18-19, 2021. Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations located in the following counties may apply: Brown, Clark, Greene, Jackson, Jefferson; Jennings, Lawrence, Monroe, Morgan, Owen, Ripley, Scott and Switzerland in Indiana and the counties of Carroll and Trimble in Kentucky.
The loan amount can be up to $2 million with interest rates of 2.88 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. The 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 DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration # 17028, not for the COVID-19 incident.
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 DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at 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 return economic injury applications is April 7, 2022.
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