Small businesses have until Feb. 22 to apply for disaster relief loans

Small businesses have until Feb. 22 to apply for disaster relief loans
Money

ATLANTA, Ga. (WLBT) - Small businesses affected by the natural disasters in April 2020 are reminded to apply for capital loans by Feb. 22, 2021.

The U.S. Small Business Administration said that capital loans are still available to small businesses, small agricultural cooperatives, and private nonprofit organizations affected by the severe storms and tornadoes that happened on April 19, 2020.

Low-interest disaster loans are available in the following counties: Marion, Jefferson Davis, Lamar, Lawrence, Pearl River, and Walthall, and Washington Parish in Louisiana.

Working capital disaster 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 businesses need to apply by the deadline of Feb. 22, 2021.

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoan.sba.gov and should apply under SBA declaration #16464, not for the COVID-19 incident.

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