July 2 deadline to apply for low interest federal disaster loans to offset economic losses due to Tropical Storm Helene occurring Sept. 26-30, 2024

The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit (PNP) organizations in Tennessee of the July 2 deadline to apply for low interest federal disaster loans to offset economic losses due to Tropical Storm Helene occurring Sept. 26-30, 2024.

The disaster declaration covers Carter, Cocke, Grainger, Greene, Hamblen, Hancock, Hawkins, Jefferson, Johnson, Sevier, Sullivan, Unicoi and Washington in Tennessee, Ashe, Avery, Haywood, Madison, Mitchell, Watauga and Yancey in North Carolina as well as Grayson Scott and Washington in Virginia.

Under this declaration SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries and PNPs with financial losses directly related to the disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

EIDLs are available for working capital needs caused by the disaster and are available even if the small business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”