Small businesses have until February 22nd to apply for disaster relief loans

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ATLANTA, Georgia (WLBT) – Small businesses affected by the April 2020 natural disasters are reminded to apply for capital loans by February 22, 2021.

The U.S. Small Business Administration said small businesses, small agricultural cooperatives, and private nonprofits were hit by the severe storms and tornadoes of Sept.

Low-interest catastrophe loans are available in the following counties: Marion, Jefferson Davis, Lamar, Lawrence, Pearl River, and Walthall, and Washington Parish, Louisiana.

Working capital disaster loans of up to $ 2 million are available at 3.75 percent for small businesses and 2.75 percent for private nonprofits with terms of up to 30 years.

The loans are designed to settle fixed debts, payrolls, liabilities, and other expenses that could have been paid without the disaster.

To be considered for this support, eligible companies must submit an application by February 22, 2021.

Applicants can apply for the electronic loan application (ELA) online via the SBA’s secure website at DisasterLoan.sba.gov and should apply as per SBA Declaration No. 16464, not for the COVID-19 incident.

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