In a press release issued a few days ago, the U.S. Small Business Administration has extended the filing deadline for small business owners across the country to apply for Economic Injury Disaster Loans (EIDLs) to April 22, 2002. The original deadline was January 21, 2002.
"With this deadline extension, more small business owners
can get the help they need to get back on their feet," said SBA
Administrator Hector V. Barreto. "America's economic well-being
relies on the health of small business, and this program will
contribute greatly to the economy's revival."
The SBA Administrator urged business owners to file their
applications as soon as possible.
The EIDLs are available to eligible small businesses that
suffered substantial economic injury as a direct result of the
September terrorist attacks or a federal action taken as a result
of the attacks. EIDLs provide eligible small businesses with the
working capital needed to pay ordinary and necessary operating
expenses that they would have been able to pay had the disaster
not occurred. These expenses may include fixed debts, payroll,
accounts payable, and other bills.
Small businesses may apply for a working capital loan of up
to $l.5 million. The interest rate on these loans is 4 percent,
with a maximum term of 30 years. The SBA determines the amount
of economic injury, the term of each loan and the payment amount,
based on the financial circumstances of each borrower.
Businesses interested in applying for an economic injury
disaster loan can contact one of the four SBA disaster area
offices to obtain an application. Below are the phone numbers
for the offices, and the states each office serves:
Niagara Falls, NY 14303
Serves: Connecticut, District of Columbia, Delaware, Maine,
Maryland, Massachusetts, New Hampshire, New Jersey, New York,
Pennsylvania, Puerto Rico, Rhode Island, Vermont, Virgin Islands,
Virginia and West Virginia
Atlanta, GA 30308
Serves: Alabama, Florida, Georgia, Illinois, Indiana, Kentucky,
Michigan, Minnesota, Mississippi, North Carolina, Ohio, South
Carolina, Tennessee and Wisconsin
Ft. Worth, TX 76155
Serves: Arkansas, Colorado, Iowa, Kansas, Louisiana, Missouri,
Montana, Nebraska, New Mexico, North Dakota, Oklahoma, South
Dakota, Texas, Utah and Wyoming
Sacramento, CA 95853-4795
Serves: Alaska, American Samoa, Arizona, California, Guam,
Hawaii, Idaho, Nevada, Oregon and Washington
Since the expanded EIDL program began on October 22nd, the
SBA has approved $94 million in loans to small businesses
nationwide. Since September 11th, the SBA has made $233 million
in loans in the disaster areas surrounding New York City and
To find out more about the SBA's disaster assistance
program, visit the web site at www.sba.gov/disaster.