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Is your small business reeling from the economic effects of a recent disaster? If so, you may qualify for a small business disaster loan to help get you and your business back on your feet.
A small business doesn't have to be physically damaged in order to qualify for an Economic Injury Disaster Loan from the Small Business Administration. These loans focus solely on how cash-strapped a business is, not how much physical damage it's suffered.
How much money is at stake? It depends on the scope of the disaster. For example, after Hurricane Isaac slammed parts of the Gulf Coast last month, the SBA approved $1.4 million in disaster loans for residents and businesses in Mississippi, according to the Associated Press.
How do you get an Economic Injury Disaster Loan from the SBA? Here are some general guidelines:
If you have suffered property damage as well, the SBA also offers Business Physical Disaster Loans to cover that. Because the paperwork can be technical and time-consuming, you may want to consult a small business attorney to help expedite the process.