The US Small Business Administration (SBA) has announced that a new round of Economic Injury Disaster Loan (EIDL) is available to small businesses in six drought-stricken states. Economic disaster recovery loans are available to small businesses in South Dakota, Texas, Nevada, Nebraska, Kansas, and Idaho.
Drought-related EIDL loans to small businesses
Small nonfarms, small agricultural cooperatives and small aquaculture businesses may qualify for EIDL loans of up to $2 million to help meet financial obligations and operating expenses that could have been met had the disaster not occurred.
Through the EIDL, the SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. The scheme aims to help businesses located in disaster areas such as droughts, hurricanes, floods and wildfires. The SBA makes Economic Injury Disaster Loans available when the United States Secretary of Agriculture designates an agricultural disaster, which the Secretary declared this drought on June 13, 2022.
EIDL loans can be used to cover losses not covered by insurance or Federal Emergency Management Agency funding for both personal and business purposes. This includes operating costs that could have been covered had the disaster not occurred.
“The SBA is strongly committed to working around the clock and providing dedicated emergency assistance to small businesses and nonprofits facing economic disruption due to the COVID-19 impact. With the reopening of EIDL Assistance and the EIDL Advance Application Portal to all new applicants, additional small businesses and non-profit organizations will be able to receive these long-term, low-interest loans and emergency grants, reducing the economic impact on their businesses, employees and communities. they support,” said SBA Administrator Jovita Carranza.
Which provinces are eligible?
EIDL Eligible counties include:South Dakota Area: Clay, Hughes, Jones, Mellette, Potter, Sully, Turner, Union, Yankton, Bennett, Bon Homme, Dewey, Edmunds, Faulk, Haakon, Hutchinson, Hyde, Jackson, Lincoln, Lyman, McCook, Minnehaha, Stanley, Todd, Tripp, Walworth, Plymouth, Sioux, Woodbury; Cedar, Dakota, Dixon, and Knox.Texas Area: Caldwell, Bastrop, Fayette, Gonzales, Guadalupe, Hays, and Travis. Nevada Area: Carson City, Lyon, Storey, and WashoeNebraska Area: Adams, Clay, Deuel, Keith, Arthur , Buffalo, Cheyenne, Fillmore, Garden, Hall, Hamilton, Kearney, Lincoln, McPherson, Nuckolls, Perkins, Webster, York and Sedgwick. Kansas Area: Logan, Gove, Scott, Sherman, Thomas, Wallace, and Wichita.Idaho Area: Boise, Bonneville, Gooding, Jerome, Lincoln, Power, Ada, Bannock, Bingham, Blaine, Camas, Caribou, Cassia, Custer, Elmore, Gem, Jefferson, Madison, Minidoka, Oneida, Teton, Twin Falls, Valley, Lincoln and Teton.
How to apply?
SBA loans are small business loans that are partially guaranteed by the United States Small Business Administration and issued by participating lenders, usually banks. The SBA provides long-term, low-interest loans for physical and economic damage caused by an announced disaster.
There are three steps to applying for EIDL loans: check whether the SBA has issued a disaster declaration in their area; apply for an emergency loan; and check if you got the loans by logging into your account and checking your email for updates.
Affected businesses can apply online and receive additional information about disaster relief. Businesses can also download applications at https://disasterloanasstance.sba.gov/. The deadline for applying for economic damage is February 13, 2023.
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This post EIDL Loans Available to Small Businesses in 6 States Due to Drought was original published at “https://smallbiztrends.com/2022/07/eidl-loans-6-states-small-businesses-affected-by-drought.html”