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The Small Business Administration (SBA) has announced that small businesses affected by the Cache Fire in Lake County that occurred in August 2021 have until August 17, 2022, to apply for the Economic Injury Disaster Loan (EIDL).
The Deadline for EIDL is August 17
The Cache Fire in Lake County, which occurred from August 18 to August 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 may qualify for a federal disaster loan of up to $2 million to help meet working capital needs caused by the disaster.
Besides offering loans of up to $2 million, EIDL also offers low interest at 2.855 percent for businesses and 2 percent for private nonprofit organizations with terms up to 30 years. The loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
“Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage”, said Tanya N. Garfield, Director of SBA’s Disaster Field Operations Center-West Garfield.
EIDL loans are small-business loans that are partially guaranteed by the SBA and issued by participating lenders, usually banks. EIDL is intended to help small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and private nonprofit organizations of any size to apply for loans of up to $2 million to help meet working capital needs caused by the disaster.
How to Apply
To be eligible businesses need to be located in declared disaster areas and must have sustained economic injury. The loans can be used to cover losses not covered by insurance or funding from the Federal Emergency Management Agency 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 whether the SBA has issued a disaster declaration in their area; apply for a disaster loan, and check if you have been awarded the loans by accessing your account and checking your email for updates.
Businesses may apply online to receive disaster assistance information by downloading applications at https://disasterloanassistance.sba.gov/. They may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. The deadline for application is August 17, 2022.
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