The Small Business Administration (SBA) announced that small businesses impacted by the Cache Fire in Lake County that occurred in August 2021 have until August 17, 2022 to apply for the Economic Disaster Loan ( EIDL).
The deadline for the EIDL is August 17
The Lake County Cache Fire, which occurred August 18-23, 2021, destroyed 138 structures, including 57 homes, and burned more than 80 acres.
Small businesses and nonprofits in Colusa, Glenn, Lake, Mendocino, Napa, Sonoma and Yolo counties may be eligible for a federal disaster loan of up to $2 million to help meet emergency needs. working capital caused by the disaster.
In addition to offering loans of up to $2 million, EIDL also offers reduced interest rates at 2.855% for businesses and 2% for private non-profit organizations with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
“Economic Injury Disaster Loans can be used to pay fixed debts, salaries, accounts payable and other bills that cannot be paid due to the impact of the disaster. Economic loss assistance is available whether or not the claimant has suffered property damage,” says Tanya N. Garfielddirector of the SBA Disaster Field Operations Center – West Garfield.
EIDL loans are small business loans partially guaranteed by the SBA and issued by participating lenders, usually banks. EIDL is intended to help small non-agricultural businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private non-profit organizations of any size apply for loans of up to $2 million to help meet the working capital needs caused by the disaster.
How to register
To be eligible, companies must be located in declared disaster areas and must have suffered economic damage. Loans can be used to cover losses not covered by insurance or Federal Emergency Management Agency funding for individuals and businesses. It can also be used for business operating expenses that could have been covered had the disaster not occurred.
To apply for EIDL loans, you will need to check if the SBA has issued a disaster declaration in your area; apply for a disaster loan and check if you got the loans by accessing your account and checking your email for updates.
Businesses can apply online to receive disaster assistance information by downloading applications from https://disasterloanassistance.sba.gov/. They can also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected]. The application deadline is August 17, 2022.
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