Corrected - Trump SBA Extends Zero-Interest Loan Relief for North Carolina Businesses Impacted by Tropical Storm Helene

SBA Disaster News Release - Corrected - Trump SBA Extends Zero-Interest Loan Relief for North Carolina Businesses Impacted by Tropical Storm Helene

WASHINGTON - Today, the U.S. Small Business Administration (SBA) announced for-profit businesses recovering from Tropical Storm Helene in North Carolina will now have more time to rebuild before interest begins to accrue on their SBA disaster loans. At the direction of SBA Administrator Kelly Loeffler, the interest-free period for North Carolina businesses has been extended from 12 months to 18 months. The extension comes as a response to the extensive economic impact caused by Tropical Storm Helene, as well as the unprecedented disaster loan funding lapse in which occurred during the Biden Administration.

The extended zero-interest period applies to North Carolina for-profit businesses who received:

·       Business Physical Disaster Loans

·       Economic Injury Disaster Loans (EIDL)

·       Economic Injury Disaster Loans (EIDL)

"SBA is committed to supporting disaster survivors as they rebuild, especially in North Carolina - where the Biden-era funding lapse left thousands of survivors stranded at the height of Hurricane Helene," said Chris Stallings, Associate Administrator of the SBA Office of Disaster Recovery and Resilience. "By providing an additional six months of zero interest, we are helping local businesses focus on recovery and long-term resilience."

The extended deadline ensures survivors have additional time to stabilize operations, rebuild, and recover without the immediate burden of accruing interest. The 18-month interest-free period begins on the date of the initial loan disbursement for eligible disaster loans associated with declaration NC-20007. After this period ends, interest will begin to accrue in accordance with the terms of each loan agreement.

Borrowers are expected to begin regular scheduled payments 12 months following the initial disbursement. Interest will begin to accrue after 18 months, enabling any payments made during the preceding period to be applied directly to the principal.

Applicants should visit sba.gov/disaster or call SBA's Customer Service Center at (800) 659-2955 for more information about SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

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