The Small Business Administration (SBA) has announced that small businesses affected by the Lake County Cache Fire that occurred in August 2021 have until August 17, 2022 to apply the economic disaster loan (EIDL).
The deadline for the EIDL is August 17
The Cache Fire in Lake County, which occurred August 18-23, 2021, destroyed 138 structures, including 57 homes, and burned more than 80 acres.
Small businesses and nonprofit organizations in Colusa, Glenn, Lake, Mendocino, Napa, Sonoma and Yolo counties can qualify for a federal disaster loan of up to $2 million to help meet the capital needs of work caused by the disaster.
In addition to offering loans of up to $2 million, the EIDL also offers low interest at 2.855 percent for businesses and 2 percent for private nonprofits with terms of up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial situation.
“Economic injury disaster loans can be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid due to the impact of the disaster. Economic injury assistance is available regardless of whether the applicant suffered property damage,” said Tanya N. Garfield, director of the SBA’s Garfield West Disaster Field Operations Center.
EIDL loans are small business loans that are partially guaranteed by the SBA and issued by participating lenders, usually banks. The EIDL aims to help non-agricultural small businesses, small agricultural cooperatives, small aquaculture businesses and private non-profit organizations of any size apply for loans of up to $2 million to help cover the working capital needs caused by the disaster.
How to apply
To be eligible, companies must be located in areas declared disasters and must suffer economic damage. Loans can be used to cover losses not covered by insurance or Federal Emergency Management Agency funding for both personal and business. It can also be used for business operating expenses that could have been met had the disaster not occurred.
To apply for EIDL loans you will need to check if the SBA has issued a disaster declaration in your area; apply for a disaster loan and see if your loans have been approved by logging into your account and checking your email for updates.
Businesses can apply online for disaster assistance information by downloading applications at https://disasterloanassistance.sba.gov/. They can also call the SBA Customer Service Center at (800) 659-2955 or email email@example.com. The application deadline is August 17, 2022.
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