WASHINGTON, D.C. (WWLP)– The Small Business Association (SBA) is taking applications for loans to businesses impacted by rain and flooding events in July.
Federal Economic Injury Disaster Loans (EIDLs) are currently available in Massachusetts for small businesses, small agricultural cooperatives, small businesses involved in aquaculture, and most private nonprofit organizations that experienced economic losses due to rain and flooding from July 9th to 16th, 2023.
The U.S. Secretary of Agriculture declared Berkshire, Bristol, Franklin, Hampden, Norfolk, Plymouth, Middlesex, Suffolk and Worcester counties economic injury disaster areas, which authorizes the SBA to accept and process applications for the EIDL assistance.
The law limits EIDLs to $2-million. The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the
administrative lending limit. SBA also considers potential contributions that are available from the business and/or its owner(s) or affiliates. If a business is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit.
Information on the EIDL eligibility and process can be found at the SBA website.
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