TRENTON, N.J. — The U.S. Small Business Administration is reminding small businesses and private nonprofit organizations in New Jersey that they have until Aug. 11 to apply for federal disaster loans to cover economic losses from the drought that began May 19.
The SBA’s Economic Injury Disaster Loan (EIDL) program is open to qualifying applicants in Atlantic, Burlington, Camden, Cape May, Cumberland, Gloucester, Ocean and Salem counties in New Jersey, as well as Kent County in Delaware.
Farmers and ranchers are not eligible
The loans are intended to help small businesses, small agricultural cooperatives, nurseries and eligible private nonprofits recover from financial setbacks caused by the drought. However, the SBA noted that agricultural producers, farmers and ranchers are not eligible unless they are small aquaculture enterprises.
Funds from EIDLs may be used for working capital needs including paying fixed debts, payroll, accounts payable, and other bills impacted by the disaster. Businesses do not need to have suffered physical damage to be eligible for assistance.
“Through a declaration by the U.S. Secretary of Agriculture, SBA provides critical financial assistance to help communities recover,” said Chris Stallings, associate administrator of the SBA’s Office of Disaster Recovery and Resilience.
Applications must be submitted no later than Sunday, Aug. 11.