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SBA Deadlines loom for Louisiana disaster aid

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Posted at 12:04 PM, Apr 06, 2020
and last updated 2020-04-06 13:04:32-04

The U.S. Small Business Administration wants to remind Louisiana small nonfarm businesses of the deadline dates to apply for an SBA federal disaster loan for economic injury.

These low-interest loans are to offset economic losses because of reduced revenues caused by adverse weather conditions in the following primary parishes.

Declaration Number: 16118
Primary Parish: Catahoula
Neighboring Parishes: Avoyelles, Caldwell, Concordia, Franklin, LaSalle and Tensas
Incident Type: Flooding
Incident Date: Sept. 1, 2018 - July 17, 2019
Deadline: 5/6/2020

Declaration Number: 16119
Primary Parish: Vermilion
Neighboring Parishes: Acadia, Cameron, Iberia, Jefferson Davis and Lafayette
Incident Type: Rain and flooding
Incident Date: June 5-15, 2019
Deadline: 5/6/2020

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disasters.

These loans can be used to pay fixed debts, payroll, accounts payable and other bills that can't be paid because of the disaster.

The interest rate is as low as 3.675 percent for businesses and 2.5 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster. The Secretary declared these declarations on Sept. 6, 2019.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. Agricultural enterprises should contact the Farm Services Agency about the U.S. Department of Agriculture assistance made available by the Secretary’s declaration.

Applicants may apply online, receive additional disaster assistance information and download applications at https://urldefense.proofpoint.com/v2/url?u=https-3A__disasterloan.sba.gov_ela&d=DwIF-g&c=aLv4kG3eFBuAUFgZFQ07JQ&r=WDNRq16onL8fknei7c_tHQ&m=Sb5i_S7JCh4tf3XPz47_XVXuwyL9uH_7JBY24FnyNfk&s=u9UijDPO5YEUhKfb5jB3oMRFxS6kSkgmaeccNYQfC8s&e= .

Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

Individuals who are deaf or hard of hearing may call (800) 877-8339.

Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.