SBA’s Hurricane Ida Assistance Tops $248 Million in New Jersey

ATLANTA – The U.S. Small Business Administration (SBA) has approved 5,275 loans for more than $248 million in financial assistance for businesses and residents of New Jersey to help them recover from damages caused by the remnants of Hurricane Ida on Sept. 1-3, 2021.  As of April 7, 2022, the SBA approved a total of more than $460 million for New Jersey and New York.

 “Hurricane Ida cut a wide swath of damage throughout the metropolitan area, and SBA’s mission-driven team continues to work hard to help affected small businesses and residents with their recoveries,” said SBA Atlantic Regional Administrator Marlene Cintron. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”

Regional Administrator Cintron also cited the tremendous number of approved SBA disaster applications for impacted business, homeowners as well as Economic Injury Disaster Loans that are helping those New Jerseyans locally impacted by the remnants of Hurricane Ida:

Cintron added that small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations in the disaster declared counties in New Jersey, New York and declared adjacent counties are still eligible to apply for SBA Economic Injury Disaster Loans (EIDL) for their working capital needs. Visit https://DisasterLoanAssistance.sba.gov/ela/s/search-declarations to obtain additional information.

The loan amount can be up to $2 million with interest rates of 2.855 percent for small businesses and 2 percent for private nonprofit organizations, and repayment terms up to 30 years. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.  The loans are not intended to replace lost sales or profits. 

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (for people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

“The SBA is committed to ensuring a swift and smooth recovery for those impacted by the remnants of Hurricane Ida. I urge you to apply for an economic injury disaster loan to meet your business’ working capital needs before the June 6, 2022, deadline,” Cintron added.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.