SBA Relief Still Available to New York Small Businesses and Private Nonprofits Affected by Severe Storms and Flooding

Strategic Insights -

The Small Business Administration's Office of Disaster Assistance issued a reminder to small businesses and most private non-profit organizations in New York of the August 26 deadline to apply for low-interest federal disaster loans to offset economic losses caused by severe storms and flooding on August 18-19, 2024. The disaster declaration covers the New York counties of Nassau and Suffolk. Eligible organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges, which can use EIDLs for working capital needs caused by the disaster.

Key Takeaways:

  • The U.S. Small Business Administration (SBA) is reminding small businesses and most private nonprofit organizations in New York of the August 26 deadline to apply for low-interest federal disaster loans to offset economic losses caused by severe storms and flooding on August 18-19, 2024.
  • The disaster declaration covers the New York counties of Nassau and Suffolk, and the Economic Injury Disaster Loan (EIDL) program is available to small businesses and PNPs providing non-critical services of a governmental nature impacted by financial losses directly related to the disaster.
  • Eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
  • EIDLs are available for working capital needs caused by the disaster and can be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.
  • Loan amounts can be up to $2 million with interest rates of 4% for small businesses and 3.25% for private nonprofit organizations, and terms up to 30 years.
  • The SBA determines eligibility based on the size of the applicant, type of activity, and its financial resources, and borrowers can apply online at sba.gov/disaster, or by calling 1-800-659-2955 or emailing disastercustomerservice@sba.gov.

Statistics:

  • The deadline to return economic injury applications is August 26, 2025.
  • Loan amounts can be up to $2 million.
  • Interest rates are 4% for small businesses and 3.25% for private non-profit organizations.
  • Terms are up to 30 years.

Sources:

  • U.S. Small Business Administration (SBA)
  • Article at https://www.sba.gov/article/2025/07/28/sba-relief-still-available-new-york-small-businesses-private-nonprofits-affected-severe-storms