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SBA outlines disaster loans, recovery centers for businesses hit in New Year’s attack
Summary
At a City Council meeting, representatives of the U.S. Small Business Administration briefed council members on disaster-relief lending and local resources available to businesses and nonprofits affected by the Jan. 1 attack in downtown New Orleans.
At a City Council meeting, representatives of the U.S. Small Business Administration briefed council members on disaster-relief lending and local resources available to businesses and nonprofits affected by the Jan. 1 attack in downtown New Orleans. SBA staff said the governor issued an economic injury disaster proclamation, opening SBA Economic Injury Disaster Loan (EIDL) programs for affected businesses and nonprofits in Orleans Parish.
The presentation said eligible businesses and nonprofits may apply for EIDL working-capital loans up to $2,000,000 to cover fixed expenses and working capital needs to maintain operations during recovery. SBA staff said approved borrowers receive a 12-month deferment and 12 months of 0% interest accrual; after that period interest and repayment…
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