Relief for NY businesses affected by Severe Storms and Flooding from September 28-30, 2023

The filing deadline to return applications for Physical Property Damage expires on February 2, 2024. The filing deadline to return applications for Economic Injury expires on September 4, 2024.

The U.S. Small Business Administration (SBA) announced that the New York counties of: Kings and Nassau; and the contiguous New York counties of: New York, Queens, Richmond, and Suffolk are part an Administrative Declaration of a Disaster for the State of NEW YORK , making businesses and private, nonprofit organizations eligible for financial assistance. 

Businesses of all sizes and private nonprofit organizations in the impacted counties may be eligible for up to $2 million as a SBA Business Physical Disaster Loan to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets not fully covered by insurance. Applicants may also be eligible for Economic Injury Disaster Loans(EIDL) through the SBA to help meet working capital needs caused by the disaster, regardless of whether the business suffered any physical property damage. A business may qualify for both an EIDL working capital and physical disaster loan, with the maximum combined loan amount of $2 million based on your actual economic injury and your company's financial needs.

The interest rate is as low as 4% for small businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition. Further, applicants may be eligible for a loan amount increase up to 20% of their physical damages for mitigation purposes, including retaining walls, seawalls, sump pumps, etc.

Applications for disaster loans may be submitted online using the MySBA Loan Portal (or other locally announced locations), under Disaster Declaration # 20012 and # 20013; NEW YORK Disaster Number NY-20000. Please contact the SBA’s Customer Service Center by email or by phone at 1-800-659-2955 for further assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.