Lincoln County businesses affected by low snowfall now have until July 31 to apply
BY TINA L. SCOTT
EDITOR
A March 8, 2024, press release from the U.S. Small Business Administration (SBA) announced the deadline to apply for emergency loans available through the Economic Injury Disaster Loans (EIDL) program in drought-designated areas, available to eligible farm-related and nonfarm-related businesses that suffered financial losses as a result of those declarations due to low snowfall, has been extended to July 31, 2024, for Lincoln, Langlade, Marathon, Shawano, and Oneida Counties in our area and to most of the Wisconsin counties eligible for relief.
The loan amount can be up to $2 million. Interest rates are 4% for small businesses and 2.375% for private nonprofit organizations, with terms up to 30 years. Interest does not begin, and monthly payments are not due, until 12 months from the date of the initial disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Eligibility is based on the size of the applicant, type of activity, and its financial resources. 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 and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at 800.659.2955 or email [email protected] for more information on SBA disaster assistance.