Loan deadline approaching for Miss. small businesses affected by Pearl River flooding

The deadline to return economic injury applications is December 28, 2020.

Loan deadline approaching for Miss. small businesses affected by Pearl River flooding
In February, the Pearl River overflowed its banks flooding hundreds of North Jackson homes.

JACKSON, Miss. (WLBT) Entrepreneurs hit hard by the Pearl River flooding this February have a few weeks left to apply for federal disaster relief.

In February, the Pearl River overflowed its banks, flooding hundreds of North Jackson homes.

The U.S. Small Business Administration is reminding businesses in Mississippi that Economic Injury Disaster Loans (EIDLs) are still available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations affected by flooding on February 10-14, 2020.

“Businesses that suffered economic losses as a result of the disaster and want to apply for low-interest loans from the SBA are urged to do so before the December 28 deadline,” said Michael Lampton, acting director of SBA Field Operations Center East.

The loans are available in the following counties: Attala, Claiborne, Copiah, Hinds, Holmes, Leake, Madison, Rankin, Scott, Simpson, Warren and Yazoo in Mississippi.

Working capital loans up to $2 million are available at 3.75 percent for small businesses, and 2.75 percent for private nonprofit organizations with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred.

To be considered for this assistance, eligible entities need to apply by the deadline.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov and should apply under SBA declaration # 16404, not for the COVID-19 incident.

Loan applications can also be downloaded at sba.gov/disaster.

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