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Business affected by the snow storm can apply for Economic Injury Disaster Loan Program

3/10/2011 by Ada Jobs
Tags: Weather, Emergency Management

Due to the snow storm of January 31, 2011, Oklahoma Department of Emergency Management and the Oklahoma Department of Commerce are reaching out to businesses to do preliminary financial assessments of any economic impacts to small businesses and to make recommendations for the Governor to request an Economic Injury Disaster Loan (EIDL) declaration from the U.S. Small Business Administration (SBA). This type of declaration results in SBA disaster loans being available to affected small business owners. Business owners who may be interested in the loan need to complete the Estimated Disaster Economic Injury Worksheet that is attached. Completing the EIDL worksheet is not an application for an EIDL nor does it obligate a business to apply for an EIDL. With this information, the Governor can request assessment for a possible Federal SBA EIDL declaration.

The SBA can make economic injury disaster loans available when a physical event causes substantial losses to a number of small businesses in an area, even though the physical damages may not warrant a disaster declaration.

In these situations, the Governor may request an SBA Economic Injury Disaster Loan declaration by certifying that (5) or more small businesses have sustained substantial economic injury and cannot obtain financial assistance using other means.

The SBA Economic Injury Disaster Loan may be used to pay fixed debts, payroll, accounts payable, and other bills that cannot 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. In summary, the EIDL is a four (4) step process:

a. Complete the Economic Injury Disaster Loan Program Worksheet and return it to the Oklahoma Department of Emergency Management.

b. If there are five (5) small businesses in the impacted area that have suffered substantial economic injury as a result of this event, the governor, may request an SBA Economic Injury Disaster for Oklahoma.

c. The SBA then conducts an assessment of the information provided by the Governor.

d. If the SBA determines that at least five (5) qualifying businesses then SBA will declare an SBA Economic injury in those counties and , which would make Economic Injury Disaster Loans available to qualifying business owners.

To better understand this program, I have attached the question and answer section from the SBA website on the Economic Injury Disaster Loan Program.

If you have questions or need additional information please feel free to contact me or our Human Services Manager, AmBer Somerlott, at 405-521-2481; cell: 405-203-2183; FAX: 405-521-8679; or, e-mail: amber.somerlott@oem.ok.gov

The Worksheets can be returned to our office by e-mail, FAX, or regular mail. Whichever way is used, the deadline for returning the Worksheets to our office is March 18, 2011.

E-mail: amber.somerlott@oem.ok.gov

FAX: 405-521-8679

Mailing address: Oklahoma Department of Emergency Management
ATTN: AmBer Somerlott
P.O. Box 53365
Oklahoma City, OK 73152-3365

FAQs

WORKSHEET