Rep. Payne, Jr. Announces Assistance for District Small Businesses Damaged in Floods

Press Release

Washington, D.C. -- Rep. Donald M. Payne, Jr. announced today that the U.S. Small Business Administration (SBA) is offering low-interest disaster loans for New Jersey small businesses that suffered flood damage after rains from Tropical Storm Ida.

"When I toured the district after Tropical Storm Ida, I saw how small businesses suffered from the floods," said Rep. Payne, Jr. "These businesses were struggling to recover already from the economic toll of the COVID-19 pandemic. Now, these floods have made it even more difficult for them to survive. I applaud the Biden Administration for making this program available to my district and New Jersey immediately."

Small businesses and most private non-profit organizations of any size in Essex, Hudson and Union counties are eligible to apply for up to $2 million in SBA Economic Injury Disaster Loans. The funds could be used to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. In addition, applicants could apply for a loan increase of 20 percent of their physical damages to pay for improvements to protect property from future floods, such as sump pumps or a retaining wall.

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