WASHINGTON, D.C. — ColoradoBoulevard.net:
On Thursday, April 5, Rep. Judy Chu (CA-28) announced that low-interest federal disaster loans are now available to small businesses that have been economically impacted by the January 21, 2023, mass shooting at Star Dance Studio in Monterey Park, California.
By News Desk
Small businesses, small agricultural cooperatives, and most private nonprofit organizations which have suffered substantial economic injury as a result of the Monterey Park shooting may be eligible for Economic Injury Disaster Loans (EIDL) issued by the U.S. Small Business Administration (SBA).
The U. S. disaster declaration for the Monterey Park mass shooting follows SBA Administrator Isabella Casillas Guzman’s visit with Rep. Chu to Monterey Park on February 24, 2023. While there, Administrator Guzman and Rep. Chu visited with small businesses located near Star Dance Studio where the shooting took place.
“Monterey Park continues to recover from the January mass shooting at Star Dance Studio that ripped 11 of our neighbors from us,” said Rep. Chu. “When Administrator Guzman and I visited small businesses next to and near the ballroom in the aftermath of the tragedy, we heard owners describe economic hardship and decreased foot traffic and sales they were experiencing.”
“After a heart-wrenching community disaster, business owners should not have to worry whether they can meet payroll or keep the lights on. I worked hard with the Monterey Park City Council, Administrator Guzman, and Governor Newsom to secure today’s EIDL declaration. This announcement means the business owners we talked to, and others in the surrounding area, can now access critical federal economic assistance in our ongoing recovery,” Rep. Chu continued.
Small businesses located in the declared disaster area of Los Angeles, San Bernardino, Kern, Orange, and Ventura counties that have experienced economic hardship as a result of the Monterey Park shooting may be eligible for Economic Injury Disaster Loans of up to $2 million. These loans can be used to pay fixed debts, payroll, accounts payable, and other bills. The loans have interest rates of 3.305% for small businesses and 2.375% for private nonprofit organizations, with terms up to 30 years. The deadline to apply is January 5, 2024.
“I am so grateful to Governor Newsom and Administrator Guzman for traveling to Monterey Park to help us heal and taking action to ensure the economic hurt from tragedy can be mitigated. I strongly encourage anyone who thinks their business may be eligible to apply or, if they have questions, reach out to my office or the Pasadena City College Small Business Development Center,” concluded Rep. Chu.
- The Pasadena City College Small Business Development Center is offering free, personalized counseling for small businesses impacted by the Monterey Park tragedy. Businesses may contact them by calling (626) 585-3106 or by emailing SBDC@Pasadena.edu.
- Applicants may apply online, receive additional disaster assistance information and download applications at disasterloanassistance.sba.gov.
- Applicants may also call SBA’s Customer Service Center at (800) 659-2955.
- People who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
Completed EIDL applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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