Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West today reminded California small businesses of the Aug. 18, 2020, deadline to apply for an SBA federal disaster loan for economic injury caused by the Kincade Fire in Sonoma County that occurred Oct. 23 - Nov. 7, 2019.
According to Garfield, small non-farm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Garfield said.
These low-interest federal disaster loans are available in Lake, Marin, Mendocino, Napa, Solano and Sonoma counties.
Interest rates are 3.875 percent for businesses and 2.75 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.