EIDL Loans Available to Small Businesses in 6 States Due to Drought

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The U.S. Small Business Administration (SBA) has announced another round of economic disaster loans (EIDLs) available for small businesses in six drought-affected states. Economic disaster recovery loans are available to small businesses in South Dakota, Texas, Nevada, Nebraska, Kansas and Idaho.

Drought-related EIDL loans to small businesses

Small non-farm businesses, small farm cooperatives, and small aquaculture businesses can qualify for EIDL loans of up to $ 2 million to help meet financial obligations and operating expenses that could have been incurred. satisfy if the disaster had not occurred.

Through the EIDL, the SBA offers low-interest disaster loans to help businesses and homeowners recover from declared disasters. The scheme is designed to help businesses located in areas declared as disasters, such as droughts, hurricanes, floods and forest fires. The SBA makes loans for economic disasters available when the U.S. Secretary of Agriculture designates an agricultural disaster, which the secretary declared this drought on June 13, 2022.

EIDL loans can be used to cover losses not covered by insurance or funding from the Federal Emergency Management Agency for both individuals and businesses. This includes business operating expenses that could have been covered if the disaster had not occurred.

“The SBA is firmly committed to working 24 hours a day, providing dedicated emergency assistance to small businesses and nonprofits facing economic disruption due to the impact of COVID-19 With the reopening of EIDL support and the EIDL Advance application portal to all new applicants, additional small businesses and non-profit organizations will be able to receive these long-term, low-interest loans and grants. emergency, reducing the economic impacts on their companies, employees and supporting communities, ”said SBA administrator Jovita Carranza.

Which counties are eligible?

Counties eligible for EIDL include:

  • South Dakota Area: Clay, Hughes, Jones, Mellette, Potter, Sully, Turner, Union, Yankton, Bennett, Bon Homme, Dewey, Edmunds, Faulk, Haakon, Hutchinson, Hyde, Jackson, Lincoln, Lyman, McCook, Minnehaha, Stanley, Todd, Tripp , Walworth, Plymouth, Sioux, Woodbury; Cedar, Dakota, Dixon and Knox.
  • Texas Area: Caldwell, Bastrop, Fayette, Gonzales, Guadalupe, Hays and Travis.
  • Nevada and surroundings: Carson City, Lyon, Storey and Washoe
  • In and Around Nebraska Adams, Clay, Deuel, Keith, Arthur, Buffalo, Cheyenne, Fillmore, Garden, Hall, Hamilton, Kearney, Lincoln, McPherson, Nuckolls, Perkins, Webster, York and Sedgwick.
  • Kansas and surroundings: Logan, Gove, Scott, Sherman, Thomas, Wallace and Wichita.
  • Idaho and surrounding area: Boise, Bonneville, Gooding, Jerome, Lincoln, Power, Ada, Bannock, Bingham, Blaine, Camas, Caribou, Cassia, Custer, Elmore, Gem, Jefferson, Madison, Minidoka, Oneida, Teton, Twin Falls, Valley, Lincoln and Teton .

How to apply

SBA loans are small business loans partially secured by the U.S. Small Business Administration and issued by participating lenders, usually banks. The SBA offers long-term, low-interest loans for physical and financial damage caused by a declared disaster.

There are three steps to applying for EIDL loans: check if the SBA has issued a disaster statement in your area; apply for a disaster loan; and check if you’ve been granted loans by signing in to your account and checking your email for updates.

Affected companies can apply online and receive additional assistance information in the event of a disaster. Companies can also download applications at https://disasterloanassistance.sba.gov/. The deadline to apply for the financial injury is February 13, 2023.

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Image: Depositphotos

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