Less than one month remains for Los Angeles County business owners to apply for a disaster recovery loan from the U.S. Small Business Administration if their business suffered physical or property damage due to the civil unrest incidents that began on May 26.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA low-interest loans can also help businesses with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
Interest rates can be as low as 3% for businesses and 2.75% for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
There are two important deadlines to apply for assistance from SBA. Business owners must file an application by Aug. 17 for property damage applications and by March 17, 2021, for economic injury applications.
Economic injury disaster loans help meet working capital needs such as purchasing inventory, supplies and covering day-to-day expenses like rent and payroll. Economic injury assistance is available regardless of whether the business has suffered any property damage or not.
SBA disaster loans are only available for damages and losses due to the civil unrest that began May 26, and not for COVID-19-related losses.
To apply, visit disasterloanassistance.sba.gov, call the SBA’s customer service center at (800)659-2955 or email email@example.com. Individuals who are deaf or hard‑of‑hearing may call (800)877-8339.
For assistance with an application, visit the Los Angeles County Disaster Help Center at lacountyhelpcenter.org.
Interested applicants who do not have access to the internet, have limited computer proficiency or speak languages other than English may instead contact L.A. County’s Disaster Help Center at (833)238-4450. Multilingual business counselors are standing by to assist business owners in completing applications Monday through Friday, from 8:30 a.m. to 5:30 p.m.
The SBA is also offering assistance through their Virtual Disaster Loan Outreach Center at firstname.lastname@example.org.
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