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Federal Disaster Loans Still Available for Businesses that May Have Suffered Losses Due to Mild Winter

Monday, April 15th, 2024 -- 10:00 AM

Recently, Governor Tony Evers and Senator Tammy Baldwin announced that many Wisconsin businesses may be eligible for a federal disaster loan program if they have suffered losses due to this year’s unusually mild winter, which lacked Wisconsin’s typical snowfall in many areas of the state.

Economic Injury Disaster Loans are available from the U.S. Small Business Administration. The deadline to apply for these loans has been extended to July 31st.

These are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.

These loans are intended to assist through the disaster recovery period. Applicants must have a credit history acceptable to SBA. Applicants must show the ability to repay the loan. All local and surrounding countries are eligible for the loan including Clark, Wood, Marathon, Taylor, Jackson, Eau Claire, Chippewa and others.

The interest rate for these loans is determined by formulas set by law and is fixed for the life of the loan. The maximum interest rate for this program is 4 percent. The law authorizes loan terms up to a maximum of 30 years.

SBA will determine an appropriate installment payment based on the financial condition of each borrower, which in turn will determine the loan term. Borrowers may be required to provide collateral. The law limits EIDLs to $2,000,000 for alleviating economic injury caused by the disaster.

The actual amount of each loan is limited to the economic injury determined by SBA, less business interruption insurance and other recoveries up to the administrative lending limit. SBA also considers potential contributions that are available from the business and/or its owner(s) or affiliates.

If a business is a major source of employment, SBA has the authority to waive the $2,000,000 statutory limit. For more information or to apply, applicants may apply online, receive additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/ela.

Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance.

Feel free to contact us with questions and/or comments.