ATLANTA – The U.S. Small Business Administration (SBA) encourages businesses of all sizes and most private nonprofit organizations to apply for an economic injury disaster loan (EIDL) before the Jan. 29, 2024, deadline.
Businesses in Broward, Collier, Hendry, Miami-Dade, and Palm Beach Counties, Florida, who suffered economic losses on April 12 - 14 from the severe storms, tornadoes, and flooding should apply. These federal EIDLs provide funds for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage.
Loan amounts can be up to $2 million with interest rates of 4 percent or lower for small businesses and 2.375 percent or lower for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. 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 via SBA’s secure website at sba.gov/disaster. To obtain disaster loan information call the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or send an email to DisasterCustomerService@sba.gov.
The deadline to return economic injury applications is Jan. 29, 2024.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. 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.