SBA Extends Deadline For Businesses To Obtain Loans For Damage From Protests And Looting – NBC Los Angeles

The US Small Business Administration extended the deadline for Los Angeles business owners to apply for disaster recovery loans to cover the costs of property damage caused by the civil unrest that began on the 26th until Sept. 16. may.

“This is a great opportunity for Los Angeles County small business owners to take advantage of low interest federal loans that can help them in their recovery process if they experience losses due to the civil unrest. have affected our county, ”said Kevin McGowan. , director of the Los Angeles County Emergency Management Office. “In these difficult times, every help counts. We encourage small business owners to take advantage of this resource while it is still available. “

Businesses of all sizes and most private not-for-profit organizations can request up to $ 2 million in federal disaster assistance from the SBA to repair or replace real estate, machinery, equipment, inventory and other business assets damaged by disaster.

The SBA may also lend additional funds to help with the cost of improvements to protect, prevent, or minimize the same type of damage in the future.

Low interest rate loans are available in Kern, Los Angeles, Orange, San Bernardino and Ventura counties.

In addition, the SBA offers economic disaster loans to small businesses and most private nonprofits to help meet working capital needs caused by violence, such as purchasing inventory, supplies and coverage of daily expenses such as rent and payroll.

Aid for economic damage is available whether or not the business has suffered material damage. The deadline to apply for an SBA Economic Disaster Loan is March 17, 2021.

Interest rates can be as low as 3% for businesses and 2.75% for private non-profit organizations. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.

Applicants can apply online, receive additional information about disaster assistance, and download applications at disastreloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at 800-659-2955 or email [email protected] for more information on SBA Disaster Assistance .

If business owners need additional help applying, they can visit lacountyhelpcenter.org or call the County Help Center at 833-238-4450. Multilingual sales advisers are on hand to help owners complete inquiries Monday through Friday 8:30 am to 5:30 pm.

SBA disaster loans are only available for damage and loss due to civil unrest that began on May 26, 2020, and not for losses related to COVID-19.

People who are deaf or hard of hearing can call 800-877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX, 76155.

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