Even though the U. S. Small Business Administration’s Business Recovery Center in Vicksburg closed officially on October 31, business owners and individuals in Sunflower County and other affected areas labeled as contiguous counties may still apply for Economic Injury Disaster Loans through June 22, 2020.
Persons in the designated primary counties have until November 19, 2019 to file application for physical disaster loans. Businesses that sustained physical losses or economic injury due to the severe storms, straight-line winds, tornadoes, and flooding from Feb. 22 through Aug. 23, 2019 are encouraged to submit an SBA disaster loan application before it’s too late.
To apply online, use the electronic loan application on the SBA’s secure website at Disasterloan.sba.gov. Loan applications can also be downloaded at www.sba.gov.
Submit completed applications to the U.S. Small Business Administration Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
If the applicant has any questions related to their loan after the application has been accepted they should address those to the assigned loan officer. Applications and program information can also be obtained by calling the SBA’s Customer Service Center at 1-800-659-2955.
Businesses and private non-profit organizations of any size may qualify for loans up to $2 million.
Eligibility for working capital loans is based on the size and type of business and its financial resources. 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.
However, they are not intended to replace lost sales or profits. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Interest rates for these loans are as low as four percent for businesses, 2.75 percent for nonprofit organizations and 2.063 percent for homeowners and renters, with terms up to 30 years.