Loan deadline approaching for small businesses in Missouri affected by Pearl River flooding
JACKSON, Mississippi (WLBT) Contractors hit hard by the Pearl River flooding in February still have a few weeks to apply for federal disaster assistance.
In February, the The Pearl River has overflowed its shores, flooding hundreds of North Jackson homes.
US Small Business Administration reminds Mississippi businesses that economic disaster loans (EIDLs) are still available to small businesses, small farmer co-ops, small aquaculture businesses, and private nonprofits affected by flooding from February 10 to 14, 2020.
“Businesses that have suffered economic losses as a result of the disaster and wish 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.
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 of up to $ 2 million are available at 3.75% for small businesses and 2.75% for private non-profit organizations with terms of up to 30 years. Loans are meant to pay off fixed debts, payroll, accounts payable, and other expenses that might have been paid had the disaster not taken place.
To be considered for this assistance, eligible entities must submit an application before the deadline.
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at Disaster.sba.gov and should apply under SBA Statement # 16404, not for the COVID-19 incident.
Loan applications can also be downloaded from sba.gov/catastrophe.
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