Some businesses in Schuylkill County are eligible to apply for and receive Economic Injury Disaster Loans (EIDL) following the summer 2022 drought.
The US Small Business Administration made the announcement this week that small businesses, small agricultural cooperatives, aquaculture businesses and most private non-profit businesses are eligible for these loans.
Businesses and organizations in these counties, including Schuylkill, are eligible:
Farm-related and nonfarm-related companies that suffered a financial loss that can be attributed as a direct result of the flood that spanned from June 10 through August 31, 2022, are eligible for EIDLs.
The SBA does not provide loans to agricultural producers, farmers, or ranchers. Nurseries, however, are eligible for EIDLs.
Loans can be as high as $2 million. Interest rates on EIDLs are 2.935% for small businesses and 1.875% for eligible non-profits.
EIDL funds can be used to address these business losses:
- Fixed debts
- Accounts payable
Loans are not meant to replace lost sales or profits.
Eligible companies and organizations can follow this link to apply for EIDLs through the SBA: https://disasterloanassistance.sba.gov/ela/s/
Use SBA declaration number 17743 on the application.
The deadline to apply for an EIDL for the drought is Aug. 31, 2023.