Disaster Loan Deadline Approaching

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Disaster Loan Deadline Approaching for
Businesses Affected by Hurricane Zeta

Mississippi businesses have until October 1, 2021, to file for federal economic injury disaster loans (EIDLs). The loans are available for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations affected by Hurricane Zeta that ravaged the Gulf Coast October 28 -29, 2020. The disaster declaration covers the following counties: Forrest, George, Greene, Hancock, Harrison, Jackson, Pearl River, Perry, Stone, and Wayne.

Additional details regarding EIDLs are as follows:

The loan amount can be up to $2 million with interest rates of 3 percent for small businesses and 2.75 percent 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.

Mississippians may apply for declaration #16835 online using the Electronic Loan Application (ELA) through SBA’s website.