Small business owners in New York, New Jersey, Connecticut, Massachusetts and Pennsylvania have until June 6 to apply for a Small Business Administration (SBA) Economic Impact Disaster Loan related to Hurricane Ida.
Hurricane Ida pummeled the northeast coast for three days, September 1-3, 2021.
The June 6 deadline is for completed applications. In other words, complete with all required paperwork. For more information, go to the SBA website for EIDLs, or call 800-659-2955.
EIDL Loans for Hurricane Ida Relief
Here’s some more information on how to apply and how much relief money is available for the EIDL Loan program for small businesses affected by Hurricane Ida.
Who Can Apply?
The Hurricane Ida EIDL approval area is vast. It includes 15 counties in New York, Pike County in Pennsylvania, Berkshire County in Massachusetts, Fairfield and Litchfield counties in Connecticut and three counties (Bergen, Passaic and Sussex) in New Jersey.
How Much is Available?
The Economic Impact Disaster Loan (EIDL) is a working capital loan from the SBA. Small businesses, small agricultural cooperatives (including aquaculture businesses), and nonprofits can apply. Nonprofits can include food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
Loans of up to $2 million are available, at 2.85% interest with terms up to 30 years. For non-profits, the interest rate is 2%.
EIDL Hurricane Ida Monies to Date
In New York, the SBA has administered $212 million for Hurricane Ida EIDLs. In New Jersey, the SBA has administered $248 million for Hurricane Ida loans.
This article, “EIDL Loan Deadline Nears for Small Businesses and Nonprofits Seeking Hurricane Ida Relief” was first published on Small Business Trends