The Biden Administration has approved a major disaster declaration following last month’s historic flooding in western Connecticut, according to Gov. Ned Lamont’s office. Here's what to know if you plan on filing for federal aid.
Multiple disaster loans are available:
- Business Physical Disaster Loans: These loans are to businesses to repair or replace disaster-damaged property that is owned by the business. This includes real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible.
- Private, non-profit organizations including charities, churches and private universities are also eligible.
- Economic Injury Disaster Loans (EIDL): These loans are working capital loans that help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that can't be met as a result of the disaster.
- This type of loan is meant to help through the disaster recovery period.
- Business Physical Disaster Loans: These loans are to businesses to repair or replace disaster-damaged property that is owned by the business. This includes real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible.
- Private, non-profit organizations including charities, churches and private universities are also eligible.
The deadlines for filing are November 19, 2024, for physical damage and June 20, 2025, for economic injury.
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Applications can be submitted online using the MySBA Loan Portal or through other locally announced locations.
