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SBA outlines Economic Injury Disaster Loan program and application deadlines for Malibu businesses and nonprofits
Summary
A U.S. Small Business Administration representative briefed the council and residents on disaster loan options after recent fires, emphasizing a Oct. 8 deadline for EIDL business applications, interest rates and local customer‑service centers.
A public information officer from the U.S. Small Business Administration (SBA) presented to the Malibu City Council and the public on June 23 about Economic Injury Disaster Loan (EIDL) assistance available to businesses, nonprofits and landlords affected by the January fire incidents.
Corey Williams, SBA Public Information Officer for the Office of Disaster Recovery Resilience, described the EIDL working‑capital program: unsecured loans up to $25,000 initially, with the possibility of full loans of up to $2,000,000 for eligible applicants; interest rates for businesses “as low as 4%” and a 3.625% fixed rate for nonprofits were cited. Williams said there is generally a one‑year payment deferral with no interest accrual during that period. He emphasized that the incident period began January 7, 2025, and that the deadline for EIDL business applications tied to the fire incident period is Oct. 8, 2025.
Williams discussed eligibility, noting businesses anywhere in the disaster‑declared area may apply and that businesses in neighboring counties may qualify if they suffered economic injury from canceled contracts or lost revenue tied to Malibu or Pacific Palisades operations. He said EIDL proceeds may cover payroll, lease and mortgage obligations, accounts payable, and lost rental income for landlords. Williams described a local customer support center at the American Legion Post in Pacific Palisades for in‑person assistance and provided an SBA disaster website and hotline number for applications.
Council members pressed for timelines and borrower qualifications. Williams said turnaround times can vary: 3–4 weeks for sole proprietors and single‑member LLCs, and 4–8 weeks for more complex entities. He noted the application portal and secure communications can cause some withdrawals where applicants miss portal messages, and reminded applicants of reconsideration windows of up to six months for declined or withdrawn applications.
Ending: The SBA urged eligible Malibu businesses, nonprofits and landlords to apply before the Oct. 8, 2025 deadline and to use the Pacific Palisades customer service center or sba.gov/disaster for questions and assistance; council members requested follow‑up outreach and a local presentation to chambers or business groups.
