SACRAMENTO >> Regional Administrator Donna Davis of the U.S. Small Business Administration (SBA) announced on Friday that SBA has approved $20.4 million in federal disaster loans for businesses and residents impacted by the Valley and Butte Fires that occurred in Lake and Calaveras counties.
According to Davis, SBA has approved nearly $2.6 million for businesses and $17.8 million for residents to help rebuild and recover from the late summer fires.
“Although the deadline to apply for property damage loans has expired, small businesses and most private nonprofit organizations of any size may continue to apply for an Economic Injury Disaster Loan (EIDL) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business or nonprofit organization suffered any property damage,” Davis said.
Small, nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for an EIDL of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. These loans 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 4% for businesses and 2.625% for private nonprofit organizations with terms up to 30 years. The deadline to apply for an EIDL is June 22, 2016.
