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VA 16632 - SBA Deadline Approaching for Virginia Businesses to Apply for Working Capital Disaster Loans Due to Freeze form March 1 to May 11, 2020

 ATLANTA - The U.S. Small Business Administration (SBA) is reminding small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations in Virginia that April 26 is the filing deadline for federal Economic Injury Disaster Loans (EIDL) applications as a result of the extreme cold from March 1 to May 11, 2020.

The loans are available in the following counties: Caroline, Essex, Gloucester, Goochland, Hanover, Henrico, James City, King and Queen, King George, King William, Louisa, Middlesex, New Kent, Richmond, Spotsylvania, Stafford and Westmoreland in Virginia.

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.  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. 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.  The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan@sba.gov and should apply under SBA declaration # 16677, not for the COVID-19 incident.

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to DisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration,

Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. 

Submit completed loan applications to SBA no later than May 17, 2021.

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Release Number: 
21-324
Release Date: 
Tuesday, April 20, 2021 - 9:30am
Contact: 
Michael Lampton
Related State: 
Virginia
Field Operations Center: 
East