Ida Disaster Loan Application Deadline Nears
Connecticut businesses can apply for a physical disaster loan for up to $2 million for Hurricane Ida damage until Jan. 28.
The U.S. Small Business Administration extended the original deadlines for businesses, private nonprofit organizations, homeowners, and renters earlier this month.
The remnants of the hurricane impacted people across the state during the first two days of September.
Businesses in Fairfield, New Haven, and New London counties are eligible for Physical and Economic Injury Disaster Loans. That includes areas part of the Mashantucket Pequot and Mohegan Tribal Nations.
Businesses in Hartford, Litchfield, Middlesex, Tolland, and Windham counties can only apply for a SBA Economic Injury Disaster Loan.
The deadline to return EIDL applications is Aug. 1.
Businesses who suffered damage to real estate, machinery, equipment, or inventory during the early September storm can borrow up to $2 million for repairs.
Applicants may be eligible for a loan increase for up to 20% of lost physical damages, verified by the SBA, for mitigation purposes. That can include a sump pump, elevation, or retaining wall to help protect property in the future.
EIDL funding is available to small businesses, small agricultural cooperatives, and most nonprofit organizations regardless of physical damage.
The SBA sets loan amounts and terms based on each individual business’ financial condition. Business interest rates begin at 2.855%, and 2% for nonprofit organizations, with terms up to 30 years.
The SBA Business Recovery Center remains open inside the Darien Library at 1441 Post Road to help businesses.
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