Relief Still Available to New York Businesses Hit by July Storms

The deadline to apply for low-interest federal Economic Injury Disaster Loans (EIDLs) is February 18, 2025 for small businesses and non-profits, which were affected by the severe storms and flash flooding that occurred July 9-10, 2024. The disaster declaration includes Dutchess, Livingston, Monroe, Orange, Putnam, Rockland, Seneca, Steuben, Sullivan, Ulster, Wayne, Westchester, and Yates Counties in New York.

Applicants may apply online and receive additional disaster assistance information at sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

The EIDL program is available to eligible small businesses, small agricultural cooperatives, nurseries, and non-profits that suffered financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

EIDLs offer working capital assistance for businesses impacted by the disaster, even if they did not sustain physical damage. Loan funds may be used to pay fixed debts, payroll, accounts payable, and other expenses that would have been met if not for the disaster.

The loan amount can be up to $2 million with interest rates of 4% for small businesses and 2.375% for private non-profits, with terms of up to 30 years. The SBA determines eligibility and sets loan amount and terms based on each applicant’s financial condition. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement.