Mississippi small businesses face deadline for disaster declaration

Small businesses and private nonprofits in 68 Mississippi counties are facing a filing deadline for federal economic injury disaster loans. The businesses have until May 29th to file and the loans come as a result of the rain, flooding, and flash flooding that began on April 1st back in 2017.

Other types of companies eligible to receive the disaster loans include small agricultural co-ops and small businesses dealing with aquaculture.

This disaster declaration includes the following counties:  Adams, Amite, Attala, Calhoun, Carroll, Chickasaw, Choctaw, Clairborne, Clarke, Copiah, Covington, Forrest, Franklin, George, Greene, Grenada Hancock, Harrison, Hinds, Holmes, Humphreys, Issaquena, Jackson, Jasper, Jefferson, Jefferson Davis, Jones, Kemper, Lafayette, Lamar, Lauderdale, Lawrence, Leake, Lincoln, Madison, Marion, Montgomery, Neshoba, Newton, Noxubee, Oktibbeha, Pearl River, Perry, Pike, Pontotoc, Rankin, Scott, Sharkey, Simpson, Smith, Stone, Walthall, Warren, Wayne, Webster, Wilkinson, Winston, Yalobusha and Yazoo in Mississippi.

Under the declaration, the SBA’s Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquaculture enterprises, SBA cannot provide disaster loans to agricultural producers, farmers, or ranchers.

The loans are for working capital and can be up to $2 million with interest rates of 3.15 percent for eligible small businesses and 2.50 percent for nonprofit organizations, and 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.