San Diego County Government: Disaster Loans Available for Small Businesses Economically Affected by the Pipeline Oil Spill

The US Small Business Administration is offering low-interest federal disaster loans to small businesses that were economically affected by the pipeline oil spill that began on October 2. A virtual business recovery center opens October 28 to help determine eligibility.

The SBA acted on its own to declare a disaster in response to a request from the governor’s Office of Emergency Services, SBA administrator Isabella Casillas Guzman said.

The disaster declaration makes SBA assistance available in Los Angeles, Orange, Riverside, San Bernardino, and San Diego counties. The deadline to submit an economic loss claim is July 27, 2022.

“Small non-farm businesses, small farm cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size may be eligible for economic disaster loans of up to 2%. million dollars to help meet financial obligations and operating expenses that might have been covered in the event of a disaster. did not happen, ”said Tanya Garfield, director of the SBA West Field Relief Operations Center.

“These loans can be used to pay off fixed debts, salaries, accounts payable and other bills that cannot be paid due to the impact of the disaster. Disaster loans can provide economic relief. vital to small businesses to help them overcome the temporary loss of income they are experiencing, ”she added.

Eligibility is based only on the financial impact of the disaster and not on actual property damage. These loans have an interest rate of 2.855% for small businesses and 2% for private non-profit organizations with terms of up to 30 years and are limited to small businesses without the financial capacity to compensate. negative impact without difficulties.

“The mission-oriented SBA team is ready to help small California businesses affected by the pipeline oil spill,” said Administrator Guzman. “We are committed to providing federal disaster loans quickly and efficiently, with a client-centered approach to help businesses and communities recover and rebuild. “

Given the public health concerns from the coronavirus pandemic, the SBA has set up a virtual disaster recovery center to answer questions about the SBA’s disaster loan program, explain the application process and help individuals complete their electronic loan application.

Applicants can apply online, receive additional information on disaster assistance, and download applications at Applicants can also call the SBA Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA Disaster Assistance. People who are deaf or hard of hearing can call (800) 877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

This press release was produced by the San Diego County Government. The opinions expressed here are those of the author.

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