Small businesses, nonprofits and nurseries on Long Island harmed by a drought last fall have until June 15 to apply for federal disaster loans, officials said.
The U.S. Small Business Administration is taking applications for its Economic Injury Disaster Loan program, or EIDL, from businesses and others impacted by the drought that started Sept. 29.
Applicants must have suffered a financial loss because of the drought but cannot be a producer of agricultural products or be a farmer or rancher. Nurseries, aquaculture firms and agricultural cooperatives are eligible.
The loans are up to $2 million with a term of up to 30 years. The interest rate is 3% for businesses and 2.75% for nonprofits.
The funds may be used to pay fixed debts, payroll, accounts payable and other bills but are not a replacement for sales or profits lost to the drought.
Applicants may apply at disasterloan.sba.gov and reference Disaster Declaration #16738, not the coronavirus pandemic, which also has impacted businesses and nonprofits on Long Island.