ATLANTA – The U.S. Small Business Administration (SBA) is reminding small businesses in Mississippi
affected by the severe storms, straight-line winds and tornadoes that occurred March 22, 2022, that the
deadline is May 1 to apply for working capital disaster loans. Small businesses, small agricultural
cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations with
economic losses from the incident should apply.
The declaration includes the counties of Attala, Carroll, Holmes, Humphreys, Leflore, Madison and
Yazoo in Mississippi.
These federal Economic Injury Disaster Loans (EIDLs) are for working capital needs caused by the
disaster and are available even if the business did not suffer any physical damage.
Loan amounts can be up to $2 million with interest rates of 2.94 percent for small businesses and 1.875
percent for private nonprofit organizations, with terms up to 30 years. The SBA determines eligibility
based on the size of the applicant, type of activity and its financial resources. Loan amounts and terms
are set by the SBA and are based on each applicant’s financial condition. These working capital loans
may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid
had the disaster not occurred. The loans are not intended to replace lost sales or profits.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure
website at DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration # 17540.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer
Service Center at 800-659-2955 (for people who are deaf, hard of hearing, or have a speech disability,
please dial 7-1-1 to access telecommunications relay services), or by sending an email to
[email protected]. Loan applications can be downloaded from the SBA’s website at
sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration,
Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to submit economic injury applications is May 1, 2023.
About the U.S. Small Business Administration
Recently, U.S. SBA Administrator Isabella Casillas Guzman announced a policy change granting 12 months
of no payments and 0 percent interest. This policy change will benefit disaster survivors and help them to
decrease the overall cost of recovery by reducing the amount of accrued interest they must repay. Details
are available through the SBA Disaster Assistance Customer Service Center at 800-659-2955. Individuals
with verbal or hearing impairments may dial 7-1-1 to access telecommunications relay services from 8
a.m. to 8 p.m. ET, Monday to Friday, or email: [email protected].
The U.S. Small Business Administration helps power the American dream of business ownership. As the
only go-to resource and voice for small businesses backed by the strength of the federal government, the
SBA empowers entrepreneurs and small business owners with the resources and support they need to
start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an
extensive network of SBA field offices and partnerships with public and private organizations. To learn
more, visit www.sba.gov.
— to www.msema.org