Economic Injury Disaster Loans can be used to cover payroll and inventory, pay debt or fund other expenses.
Flagler County’s Economic Development office on June 16 reiterated the message from the U.S. Small Business Administration that it has reopened its online portal and resumed taking new applications for disaster loans from all eligible businesses and nonprofits.
“Businesses that applied for an Economic Injury Disaster Loans (EIDL) but received no determination do not need to reapply,” said Economic Development Director Kat Friel. “Those applications are still being processed.”
The loans offer long-term, low-interest assistance for a small businesses and nonprofits to provide vital economic support for the temporary loss of revenue. Economic Injury Disaster Loans can be used to cover payroll and inventory, pay debt or fund other expenses.
The streamlined application process will assist businesses in the following ways:
- The SBA is offering low-interest federal disaster loans for working capital to small businesses and non-profit organizations that are suffering substantial economic injury as a result of COVID-19 in all U.S. states, Washington D.C., and territories.
- These loans may be used to pay debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact, and that are not already covered by a Paycheck Protection Program loan. The interest rate is 3.75% for small businesses. The interest rate for non-profits is 2.75%.
- To keep payments affordable for small businesses, SBA offers loans with long repayment terms, up to a maximum of 30 years. The first payment is deferred for one year.
- In addition, small businesses and non-profits may request, as part of their loan application, an EIDL Advance of up to $10,000. The EIDL Advance is designed to provide emergency economic relief to businesses that are currently experiencing a temporary loss of revenue. This advance will not have to be repaid, and small businesses may receive an advance even if they are not approved for a loan.
- SBA’s EIDL and EIDL Advance are just one piece of the expanded focus of the federal government’s coordinated response.
- The SBA is also assisting small businesses and non-profits with access to the federal forgivable loan program, the Paycheck Protection Program, which is currently accepting applications until June 30, 2020.
For additional information, please visit the SBA disaster assistance website at SBA.gov/Disaster.
All residents and businesses are reminded to abide by Executive and Emergency Orders, and follow Florida Department of Health and CDC guidance.
Additionally, those who are sick and/or told to self-isolate are to: remain at home unless seeking medical care, cover coughs and sneezes, wear a facemask around others, and disinfect touched surfaces daily.
COVID-19 testing is available for Flagler County residents at a variety of locations, please visit www.FlaglerCounty.org, and following the links for COVID-19 and then select Screening & Testing for the latest options.
COVID-19 health related questions or concerns should be directed to your regular healthcare provider or the Florida Health hotline at 866-779-6121.
COVID-19 business concerns should be directed to the Florida Department of Business & Professional Regulation at 866-532-1440.
All other COVID-19 government services questions or concerns may be directed your municipality or the Emergency Operations Center at 386-313-4200.
Check for current information on Flagler County’s website www.flaglercounty.org, and follow “Flagler County Government” or “Flagler County Emergency Management” on Social Media.