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## Office of Disaster Recovery and Resilience Reminds Small Businesses in Louisiana and Texas

The Office of Disaster Recovery and Resilience at the Small Business Administration is reminding small nonfarm businesses in 19 Louisiana parishes and neighboring counties in Texas about the upcoming deadline to apply for an SBA federal disaster loan for economic injury. The deadline is April 22, 2024.

### How AI legalese decoder Can Help

The AI legalese decoder can be a valuable tool for small businesses navigating the complex language and requirements of disaster loan applications. By using AI technology, the decoder can simplify the process and help businesses understand the terms and conditions of the loan, ensuring that they meet eligibility criteria and provide accurate information on their applications.

These low-interest loans are designed to offset economic losses incurred due to reduced revenues caused by drought in specific parishes. The primary Louisiana parishes affected by the drought include Cameron, Jefferson Davis, Sabine, St Landry, and Vernon. Additionally, neighboring Louisiana parishes such as Acadia, Allen, Avoyelles, and others are also eligible for assistance, along with neighboring Texas counties.

### Support for Small Businesses

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations of any size are encouraged to apply for Economic Injury Disaster Loans of up to $2 million. These loans can help meet working capital needs caused by the disaster’s impact.

The interest rates for these loans are 4 percent for businesses and 2.375 percent for private nonprofit organizations, with terms up to 30 years. SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers and those directly impacted by the disaster.

### Accessing Assistance

For businesses seeking to apply for disaster loans, the SBA website provides an online application process and additional information on disaster assistance. Applicants can also contact SBA’s Customer Service Center for more information and guidance on SBA disaster assistance.

By utilizing the AI legalese decoder, small businesses can streamline the application process and ensure they fully understand the terms and conditions of the disaster loan. This tool can help businesses navigate the intricacies of legal language and compliance requirements, making the application process more efficient and accessible.

For businesses primarily engaged in farming or ranching, alternative assistance is available through the U.S. Department of Agriculture. However, nurseries are eligible for SBA disaster assistance in drought disasters.

In times of agricultural disasters, such as the one declared on Aug. 21, 2023, SBA provides Economic Injury Disaster Loans to support businesses affected by the crisis. It is crucial for eligible businesses to take advantage of this assistance and apply before the deadline.

### Additional Support

Applicants can find more information on SBA disaster assistance and access the online application portal by visiting SBA.gov/disaster. For further inquiries, businesses can contact SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for assistance.

For individuals with hearing or speech disabilities, telecommunications relay services are available by dialing 7-1-1.

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