The U.S. Small Business Administration (SBA) has approved 4,327 loans for more than $212 million in financial assistance into the hands of businesses and residents of Metro New York to help them recover from the damages caused by the remnants of Hurricane Ida. As of April 5, 2022, the SBA approved a total of more than $460 million for New York and New Jersey.

The U.S. Small Business Administration (SBA)
(Photo: U.S. Small Business Administration)

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"Hurricane Ida cut a wide swath of damage throughout the metropolitan area, and SBA's mission-driven team continues to work hard to help affected small businesses and residents with their recoveries," said SBA Atlantic Regional Administrator Marlene Cintron. "We're committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild."

Regional Administrator Cintron also cited the tremendous number of approved SBA Disaster applications for impacted business, homeowners as well as Economic Injury Disaster Loans that are helping those New Yorkers locally impacted by the remnants of Hurricane Ida:

County

Approved Home Loans

Approved Business Loans

Approved EIDL Loans

Total Dollars Approved

Bronx (NY)

552

$24,517,740

46

$2,587,300

1

$1,500

$27,106,540

Dutchess (NY)

52

$2,121,100

1

$47,100

0

$0

$2,168,200

Kings (NY)

538

$24,469,356

56

$3,815,800

0

$0

$28,285,156

Nassau (NY)

197

$10,474,000

5

$181,100

0

$0

$10,655,100

New York (NY)

0

$0

1

$73,600

0

$0

$73,600

Orange (NY)

38

$1,773,600

1

$22,100

0

$0

$1,795,700

Putnam (NY)

0

$0

1

$5,250

0

$0

$5,250

Queens (NY)

910

$37,688,280

75

$4,629,000

1

$22,800

$42,340,080

Richmond (NY)

514

$21,120,560

21

$997,000

0

$0

$22,117,560

Rockland (NY)

87

$3,899,900

2

$89,000

0

$0

$3,988,900

Suffolk (NY)

123

$6,844,945

3

$215,600

0

$0

$7,060,545

Westchester (NY)

1,019

$56,558,500

81

$10,286,000

1

$7,700

$66,852,200

NY STATE TOTAL

4,031

$189,537,081

293

$22,948,850

3

$32,000

4,340

$212,517,931

Cintron added that small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and private nonprofit organizations in the declared New York, New Jersey, and adjacent counties are still eligible to apply for SBA disaster Economic Injury Disaster Loans (EIDL) for their working capital needs. Visit https://DisasterLoanAssistance.sba.gov/ela/s/search-declarations to obtain additional information.

The loan amount can be up to $2 million with interest rates of 2.855 percent for small businesses and 2 percent for private nonprofit organizations, and repayment terms up to 30 years. These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA's secure website at DisasterLoanAssistance.sba.gov/ela/s/.

Disaster loan information and application forms may also be obtained by calling the SBA's Customer Service Center at 800-659-2955 (for people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services), or by sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from the SBA's website at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

"The SBA is committed to ensuring a swift and smooth recovery for those impacted by the remnants of Hurricane Ida. I urge you to apply for an economic injury disaster loan to meet your business' working capital needs before the June 6, 2022 deadline," Cintron added.

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