On November 22, 2011, the U.S. Small Business Administration announced that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture (including fishermen, oystermen, etc.) and most private non-profit organizations of all sizes located in Maryland counties as a result of the combined effects of drought, excessive heat and damage resulting from Hurricane Irene and Tropical Storm Lee that occurred from April 1 through Oct. 31, 2011.
The SBA’s disaster declaration includes the following counties: Allegany, Anne Arundel, Baltimore, Calvert, Caroline, Carroll, Cecil, Charles, Dorchester, Frederick, Harford, Howard, Kent, Montgomery, Prince George’s, Queen Anne’s, Saint Mary’s, Somerset, Talbot, Washington, Wicomico, Worcester and the Independent City of Baltimore in Maryland.
Under this 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 aquacultural* enterprises, agricultural producers, farmers and ranchers are not eligible to apply to SBA, but nurseries are eligible to apply for economic injury disaster loans for losses caused by drought conditions.
Disaster loan information and application forms may be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to [email protected]. Loan applications can be downloaded from www.sba.gov. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.
Completed economic injury disaster loan applications must be returned to SBA no later than July 16, 2012.
* Aquaculture Defined: Please see the language below that reflects the changes in the law regarding availability of economic injury disaster loans to provide working capital for aquaculture enterprises.
With the enactment of Pub. L. 111-240, the Small Business Jobs Act of 2010, small enterprises engaged in aquaculture will be eligible for economic injury disaster loan (EIDL) assistance.
The new law does not amend the definition of an agricultural enterprise in section 18(b) of the Small Business Act (SBAct), but does add section 3(z) to the SBAct to authorize an exception for aquaculture businesses for EIDL assistance only. Accordingly, “agricultural enterprise” still includes aquaculture, and section 123.201(a) of SBA regulations will not change. Effective for any declaration on or after September 27, 2010, SBA is authorized to provide EIDL assistance to aquaculture enterprises that are small businesses. They remain ineligible for physical disaster assistance.
Aquaculture is defined as the propagation and rearing of aquatic organisms in controlled or selected aquatic environments for any commercial, recreational, or public purpose. An aquaculture operation generally is engaged in husbandry of aquatic organisms on grounds which the applicant owns, leases, or has an exclusive right to use. Exclusive use-rights are usually documented by a lease or a permit specifically identifying the waters available for the applicant’s use. For example, oystermen who seed private grounds which they own or rent, are engaged in aquaculture and are ineligible for physical disaster loan assistance. Public ground oystermen, however, who do not have exclusive use of any area, are eligible.
Jon LeTowt says
Is this another major component of the President’s “Jobs Program”?