The Small Business Administration (SBA) is offering assistance to businesses and residents in Tennessee that were affected by the recent devastating storms and tornadoes. The SBA’s Economic Injury Disaster Loans (EIDL) offers aid to businesses and their private non-profit organizations of all sizes as well as individuals in five counties of Tennessee.
What Qualifies for Assistance
- Physical damage to property
- Economic injury due to the disaster
- Loss of inventories
- Loss of default loan payments
- Damage to equipment
The EIDL loans can be used to pay for:
- Fixed debts
- Accounts payable
- Loss of inventory
- Contracted services
The SBA also offers long-term and low-interest loans of up to $200,000 to cover uninsured losses for small businesses, small agricultural cooperatives, and private non-profit organizations. These loans can be used for repairs and replacements of destroyed property, economic loss and certain expenses due to the disaster.
How to Apply
Businesses, small agricultural cooperatives and private non-profit organizations can apply online here. Individuals can apply online here. Applicants may also call the SBA’s Customer Service Center at 1-800-659-2955 or email firstname.lastname@example.org for more information on loan application procedures.
The deadline for applications for these Economic Injury Disaster Loans is April 22, 2021.
The SBA is working to provide relief to Tennessee businesses and residents affected by the recent severe storms and tornadoes. By offering help with economic injury due to the disaster and replacing destroyed property, the SBA hopes to help Tennessee businesses and residents recover from the storms and move forward.