Federal Assistance Available for New Castle County Small Businesses Economically Impacted by Hurricane Ida
WILMINGTON, Del. – Small businesses and nonprofit organizations in New Castle County affected by flooding from Hurricane Ida earlier this month are now eligible to apply for an Economic Injury Disaster Loan from the U.S. Small Business Administration (SBA). Eligible businesses and nonprofits may qualify for loans up to $2 million.
The SBA Economic Injury Disaster Loans (EIDLs) are designed to help with the temporary loss of revenue businesses and nonprofits are experiencing as a result of significant flooding from Hurricane Ida. The loans may be used for working capital expenses such as payroll, fixed debts and accounts payable, as well as other bills the business or nonprofit is currently unable to pay because of the impact of the storm.
“We continue to work alongside the City of Wilmington, agencies and organizations to provide resources for Wilmington residents and businesses with cleanup efforts from flooding from Hurricane Ida,” said Governor John Carney. “We appreciate the U.S. Small Business Administration making this economic injury loan program available for businesses.”
“The flooding in New Castle County and Wilmington caused by Hurricane Ida was unprecedented, and as a result, many small businesses were forced to close their doors for days and weeks on end,” said Delaware Division of Small Business Director Jordan Schulties. “We know the economic effects of the hurricane can be just as challenging to a small business as property damage, and these loans can provide a lifeline to these business owners who are facing significant revenue loss.”
The SBA determines eligibility for the loans based on the size and type of business and its financial resources. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. The rates on the loans will not exceed three percent, and the term of the loans will not exceed 30 years. The deadline to return economic injury applications is June 10, 2022.
Small businesses in New Castle County who suffered economic injury from Hurricane Ida are encouraged to review the SBA’s applications and program information on the SBA website. New Castle County received a disaster declaration from the SBA as a contiguous county of Delaware County, Pennsylvania. For this reason, small businesses in New Castle County who apply for an EIDL will need to do so under Pennsylvania’s declaration. For assistance applying for an EIDL, businesses should contact the SBA’s Customer Service Center at 1-800-659-2955 (TTY/TDD: 1-800-877-8339) or via e-mail at firstname.lastname@example.org.
The SBA has also opened a Business Recovery Center in Philadelphia to provide businesses with one-on-one assistance in submitting an economic injury loan application if they were impacted by Hurricane Ida. The recovery center is located at the Falls of the Schuylkill Library at 3501 Midvale Avenue Philadelphia, PA 19129. Hours for the center are noon to 8 p.m. on Monday and Wednesday; 10 a.m. to 6 p.m. on Tuesday and Thursday; and 10 a.m. to 5 p.m. on Friday. The Business Recovery Center is closed on Saturday and Sunday. Customer Service Representatives will be available at the center to answer questions about the disaster loan program and assist business owners in completing their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the recovery center are encouraged to wear a face mask.