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Small Businesses and Not-for-Profits Now Eligible for Assistance

Small Businesses and Not-for-Profits Now Eligible for Assistance

 

Small businesses and not-for-profits in Westchester are now eligible to receive low-interest federal disaster loans for working capital if they have suffered substantial economic injury as a result of the Coronavirus (COVID-19). We wanted to share this important information with our members. Our small businesses and not-for-profits are the lifeblood of our community. This first wave of assistance from the federal government is essential to provide some stability to our businesses and not-for-profits struggling with cash flow. The BCW is grateful to the SBA for including us in the declaration. Access to EIDL funds will help businesses cover basic essentials, such as payroll and fixed costs, in the short term, and will bring much needed certainty and stability at a time when it’s needed most.

 

Westchester became eligible (along with Putnam and Dutchess Counties) because we are adjacent to Connecticut, which made an Emergency Declaration allowing us to apply for the funds.

 

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

 

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. 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 apply for an Economic Injury Disaster Loan is Dec. 16, 2020.

 

Because of the high volume of interest, we caution everyone to remain patient as the SBA is still working to get up to speed. With that in mind you can begin gathering information to start the process. We will share more information on this, as it becomes available.

 

— Marsha Gordon, President and CEO of the Business Council of Westchester

 

Click Here for More Info on Disaster Loans

 

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