SBA Disaster Loan Deadline in Massachusetts is June 1; There is Still Time to Apply
ATLANTA -The U.S. Small Business Administration is reminding small businesses that June 1 is the filing deadline for federal economic injury disaster loans available in declared counties of the Commonwealth of Massachusetts. The SBA declared a disaster as a result of excessive rain, flooding, hail, abnormally cool temperatures and related plant diseases that began on May 1, 2009.
The SBA’s disaster declaration includes the following counties: Barnstable, Berkshire, Bristol, Essex, Franklin, Hampden, Hampshire, Middlesex, Norfolk, Plymouth, Suffolk and Worcester in Massachusetts.
“When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to eligible entities affected by the same disaster,” said Frank Skaggs, director of SBA’s Field Operations Center East.
Under this declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. Agricultural producers, farmers and ranchers are not eligible to apply to SBA.
The loan amount can be up to $2 million with a 4 percent interest rate and terms up to 30 years. The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. These loans are not intended to replace lost sales or profits.
Disaster loan information and application forms may be obtained by calling the SBA’s Customer Service Center by calling 800-659-2955 (800-877-8339 for people with speech or hearing disabilities) Monday through Friday from 8 a.m. to 6 p.m.; Saturday and Sunday, 9 a.m. to 5:30 p.m. EDT or by sending an e-mail to firstname.lastname@example.org. Loan applications can be downloaded from the SBA’s website at www.sba.gov/services/disasterassistance. Completed applications should be mailed to:
U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Those affected by the disaster may apply for disaster loans from SBA’s secure website at https://disasterloan.sba.gov/ela/.
Completed loan applications must be returned to SBA no later than June 1, 2010.
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For more information about the SBA’s Disaster Loan Programs, visit our website at www.sba.gov/services/disasterassistance.