The U.S. Small Business Administration (SBA) is reminding Ohio’s small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of the May 17 filing deadline for federal Economic Injury Disaster Loans (EIDL) for last May’s polar vortex.
Specifically, the polar vortex and extreme cold event that took place from May 7 to 13, 2020.
The loans are available in the following counties:
This SBA EIDL program covers eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Apart from aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers and ranchers.
The loan amount can be up to $2 million with interest rates of 3 percent for small businesses and 2.75 percent for private nonprofit organizations, with terms up to 30 years. SBA officials stress that the loans are not intended to replace lost sales or profits.
Those interested can apply online here. SBA officials ask that applicants apply under declaration “# 16677.”
Once completed, applications can be mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Road, Fort Worth, TX 76155