The period for Mississippi nonprofits impacted by the mid-March tornadoes to apply for physical disaster loans has been extended.
According to the U.S. Small Business Administration, the new deadline to apply for the low-interest loans is July 22. Nonprofits in the following counties are eligible to apply for aid: Calhoun, Carroll, Covington, Grenada, Humphreys, Issaquena, Itawamba, Jefferson Davis, Lee, Leflore, Marion, Pike, Prentiss, Sharkey, Smith, Walthall, and Washington.
Under this declaration, private nonprofit organizations providing non-critical services of a governmental nature are eligible to apply for both business physical disaster loans and economic injury disaster loans from the SBA. Examples of eligible non-critical nonprofit organizations include food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
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Private nonprofits may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may also be eligible for a loan increase of up to 20% of their physical damages for mitigation purposes.
“SBA loans help eligible private nonprofit organizations cover operating expenses after a disaster, which is crucial for their recovery,” Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, said in a news release. “These loans not only help PNPs get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster.”
Nonprofits can apply for business physical disaster loans here and economic injury disaster loans here.
