SBA Announces Disaster Assistance for Businesses and Non-Profits
The Small Business Administration has made disaster assistance available to businesses and non-profit organizations in the following Vermont counties: Addison, Bennington, Caledonia, Chittenden, Essex, Grand Isle, Orange, Rutland, Windham, and Windsor. These counties have been declared in association with SBA disaster declarations in adjoining states. Earlier this week, Governor Scott requested that the SBA declare a disaster in the entire state. The SBA is currently considering that request. We anticipate Franklin, Lamoille, Orleans and Washington Counties to receive a designation imminently.
SBA’s Economic Injury Disaster Loans (EIDL) offer up to $2 million in assistance per business, providing economic support to overcome temporary loss of revenue. EIDLs may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses and 2.75% for private non-profit organizations, which are also eligible for EIDLs.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers EIDLs to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.
SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay. Small businesses with credit available elsewhere may not be eligible.
Businesses in the 10 counties in Vermont already declared may immediately apply for assistance. To apply online, visit https://disasterloan.sba.gov/ela/. Documents that may be requested when applying include recent federal tax return, profit-and-loss statement and balance sheet.
For more information, call the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail email@example.com. For local SBA information, call 802-828-4422.