Published: Jun 9, 2024
by Michael Guta
In Small Business News
The Small Business Administration (SBA) is reminding Utah small businesses of the July 2 deadline to apply for federal disaster loans to help meet working capital needs caused by severe thunderstorms and flooding in Salt Lake County. Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA, emphasized that small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size are eligible to apply for Economic Injury Disaster Loans.
These low-interest federal disaster loans can provide up to $2 million to help small businesses pay fixed debts, payroll, accounts payable, and other bills that cannot be paid due to the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage.
“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,” Sánchez said.
The affected counties in Utah include Davis, Morgan, Salt Lake, Summit, Tooele, and Wasatch. The SBA is offering loans with interest rates as low as 4 percent for businesses and 2.375 percent for private nonprofit organizations. Loan terms can be up to 30 years, and interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants can apply online at SBA.gov/disaster or call the SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For those who are deaf, hard of hearing, or have a speech disability, the SBA offers telecommunications relay services by dialing 7-1-1.
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Michael Guta is the Assistant Editor at Small Business Trends and has been with the team for 9 years. He currently manages its East African editorial team. Michael brings with him many years of content experience in the digital ecosystem covering a wide range of industries. He holds a B.S. in Information Communication Technology, with an emphasis in Technology Management.
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