Gas Emergency: Business Recovery Center at Newport Harbor Hotel closing on March 7th

Rhode Island Emergency Management Agency announced today on Twitter that the Small Business Recovery Center at Newport Harbor Hotel will close on March 7th.

” If your business was affected by the #NewportGasOutage, you only have 2 days left to get one-on-one help. The @SBAgov is closing its Business Recovery Center in Newport Thursday 3/7 at 4pm. After March 7, you can apply online or obtain additional info at: disasterloan.sba.gov/ela/

The City of Newport announced on February 19th that businesses affected by the natural gas outage are being offered Low-interest Economic Injury Disaster Loans (EIDLs) from the U.S. Small Business Administration (SBA).

The loans are available to Rhode Island small businesses, small agricultural cooperatives, small aquaculture businesses and private nonprofit organizations affected by the Gas Outage Due to Extreme Cold Temperatures on Jan. 21-29, 2019.

Eligible entities may qualify for loans up to $2 million. The SBA offers economic injury loans to help meet working capital needs caused by the disaster. The rates on these loans are 3.74 percent for small businesses and 2.75 percent for nonprofit organizations with terms up to 30 years. Eligibility for these working capital loans are based on the size and type of business and its financial resources.

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These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. The loans are not intended to replace lost sales or profits.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.

Applications and program information are available by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at 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.

The filing deadline to return applications for economic injury is Nov. 15, 2019.

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