On Jul. 12, SBA issued disaster aid due to May 8-9 severe weather.
SBA offered economic injury disaster loans (EIDLs) for TN small businesses and nonprofits that suffered economic losses due to the severe weather on May 8-9, 2024.
Available in the primary counties of Grainger and Hamblen, and adjacent counties of Claiborne, Cocke, Greene, Hancock, Hawkins, Jefferson, Knox and Union in Tennessee.
Follows White House declaration of TN major disaster due to severe storms, #216287.
Disaster Aid
EIDL program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster; loan can be up to $2mn.
Cannot provide disaster loans to agricultural producers, farmers, and ranchers.
SBA sets loan amounts and terms based on each applicant’s financial condition.
Eligibility is based on size of the applicant, type of activity and its financial resources.
Working capital loans may be used to pay fixed debts, payroll, accounts payable, other bills that could have been paid had disaster not occurred; not to replace sales/profits.
Application Deadline
Must submit completed loan applications to SBA no later than Feb. 28, 2025.
