The U.S. Small Business Administration is reminding businesses in Alabama that April 22 is the application deadline for Economic Injury Disaster Loans (EIDLs) for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations affected by Tropical Storm Claudette on June 19, 2021.
The low-interest disaster loans are available in the counties of Baldwin, Bibb, Conecuh, Covington, Escambia, Fayette, Greene, Hale, Jefferson, Monroe, Pickens, Tuscaloosa and Walker in Alabama; and in Escambia, Okaloosa and Santa Rosa in Florida.
Working capital loans up to $2 million are available at 2.88 percent for small businesses and 2 percent for private nonprofit organizations, with terms up to 30 years. The loans are intended to pay fixed debts, payroll, accounts payable, and other expenses that could have been paid had the disaster not occurred. To be considered for this assistance, eligible entities need to apply by the deadline.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s
and should apply under SBA declaration # 17051.