Putnam County small businesses are eligible for up to $2 million in low-interest loans

Putnam County small businesses are eligible for up to $2 million in low-interest loans from the U.S. Small Business Administration to help alleviate the economic fallout from the coronavirus epidemic, Putnam County Executive MaryEllen Odell announced.

Putnam is one of only three counties in New York State in which these Economic Injury Disaster loans from the SBA are available so far.

“We are grateful that the U.S. Small Business Administration recognized that our hard-working Putnam business community was in need of federal support,” Odell said. “These loans could go a long way toward helping our business community stay strong despite the loss of revenue they are seeing due to the coronavirus outbreak.”

Putnam County Legislature Chairwoman Toni Addonizio said the federal help is much appreciated as the COVID-19 epidemic causes businesses to close.

“These loans can help local business owners survive what we hope is a very temporary setback,” Addonizio said. “The loans will provide help when it is most needed.”

Small business owners in Westchester and Dutchess can also apply.

 SBA Customer Service Representatives will be available to answer questions about SBA’s Economic Injury Disaster Loan program and explain the application process.

“Small businesses, private non-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the coronavirus (COVID-19) since Jan. 31, 2020, may qualify for Economic Injury Disaster Loans of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred,” said SBA Administrator Jovita Carranza.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. Disaster loans can provide vital economic assistance to small businesses to help overcome the temporary loss of revenue they are experiencing,” Carranza added.

Eligibility for Economic Injury Disaster Loans is based on the financial impact of the Coronavirus (COVID-19). The interest rate is 3.75 percent for small businesses. The interest rate for private non-profit organizations is 2.75 percent. SBA offers loans with long-term repayments in order to keep payments affordable, up to a maximum of 30 years and are available to entities without the financial ability to offset the adverse impact without hardship.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

The deadline to apply for an Economic Injury Disaster Loan is Dec. 16, 2020.