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SBA rep urges Warren small businesses to apply for disaster loans linked to February blizzard
Summary
US Small Business Administration staff told the council how businesses and private nonprofits affected by the Feb. 22–24 blizzard can apply for Economic Injury Disaster Loans (EIDL) through March 10, 2027; loans cover economic losses, not property damage, and can be up to $2 million per applicant.
Monica Miles, substituting for an absent SBA public affairs specialist, briefed the council on disaster loan options for businesses and nonprofits reporting economic losses from the Feb. 22–24 storm.
Miles said the SBA offers Economic Injury Disaster Loans of up to $2,000,000 per applicant, with business loans typically at about 4% interest and private nonprofit rates at roughly 3.625%. She emphasized the loans cover economic injury (lost revenue and ordinary operating expenses), not physical damage to real estate, and noted there is no application fee and the first loan payment is deferred for about a year. The SBA deadline to apply is March 10, 2027.
A council member asked whether the March storm would be covered; Miles said the federal declaration was approved for the February event and that March might be pending but was not approved at the time. She directed interested applicants to sba.gov/disaster and lending.sba.gov and said the town clerk had print materials available.
Why it matters: The loans are a potential source of low‑cost capital for local businesses and nonprofits that can document economic harm from the February storm; the town clerk and chamber of commerce were urged to help distribute SBA materials.
