CAMPBELL COUNTY, TN. (WLAF)- Businesses affected by the severe storms, flooding, landslides and mudslides that occurred from July 26 through Aug. 11. 2022, can apply for federal assistance between now and May 1.

Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations in the following counties are eligible to apply: Campbell and Claiborne in Tennessee; Bell, Breathitt, Clay, Estill, Floyd, Harlan, Jackson,  Knox, Knott, Laurel, Lawrence, Lee, Leslie, Letcher, Magoffin, Martin, McCreary, Morgan,  Owsley, Perry, Pike, Powell, Whitley and Wolfe in Kentucky.

These federal Economic Injury Disaster Loans (EIDLs) are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage.

The loan amount can be up to $2 million with interest rates of 3.04 percent for small businesses and 1.875 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. 

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website and should apply under SBA declaration # 17547.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, dial 7-1-1 to access telecommunications relay services), or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to return economic injury applications is May 1, 2023.

(WLAF NEWS PUBLISHED 4/81/2023- 6AM)

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