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Small business disaster loans available for businesses impacted by Hard Rock collapse

hard rock hotel.jpg
Posted at 6:32 PM, Nov 06, 2019
and last updated 2019-11-06 19:32:11-05

Businesses in New Orleans affected by the collapse of the Hard Rock Hotel are now eligible for loans.

Today, New Orleans Mayor LaToya Cantrell announced that the U.S. Small Business Administration will offer low-interest federal disaster loans to small businesses economically impacted by the Hard Rock Hotel collapse and related evacuation and street closures.

Most businesses and non-profit organizations may qualify for loans of up to $2 million to help meet financial obligations and operating expenses.

"I recognize the real and cascading impacts the hotel collapse has had on our community," said Mayor LaToya Cantrell. "My administration continues to do everything in our power to help the families of the victims, the impacted residents, and the affected businesses - some of whom remain evacuated, and we appreciate their patience and cooperation during this time. I'm pleased to announce the availability of SBA disaster loans and encourage impacted businesses to apply."

The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid because of the disaster's impact.

Eligibility is based on the financial impact of the disaster only and not on any actual property damage.

Interested applicants may apply online, receive additional disaster assistance information, and download applications here.

The deadline to apply is August 5, 2020.