Deadline near for earthquake disaster loans

Utah small businesses have until April 9 to apply for an SBA federal disaster loan for economic injury caused by last year’s earthquake and aftershocks that occurred March 18 through April 17. The reminder comes from Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West.

According to Garfield, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster.

“Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Garfield said.

The low-interest federal disaster loans are available in Box Elder, Davis, Morgan, Summit, Salt Lake, Tooele, Utah, Wasatch and Weber counties. The interest rate is 3.75 percent for businesses and 2.75 percent 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.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.