13 CFR 123.300 - Is my business eligible to apply for an economic injury disaster loan?

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§ 123.300 Is my business eligible to apply for an economic injury disaster loan?
(a) If your business is located in a declared disaster area, and suffered substantial economic injury as a direct result of a declared disaster, you are eligible to apply for an economic injury disaster loan.
(1) Substantial economic injury is such that a business concern is unable to meet its obligations as they mature or to pay its ordinary and necessary operating expenses.
(2) Loss of anticipated profits or a drop in sales is not considered substantial economic injury for this purpose.
(b) Economic injury disaster loans are available only if you were a small business (as defined in part 121 of this chapter) or a private non-profit organization when the declared disaster commenced, you and your affiliates and principal owners (20% or more ownership interest) have used all reasonably available funds, and you are unable to obtain credit elsewhere (see § 123.104).
(c) Eligible businesses do not include agricultural enterprises, but do include—
(1) Small nurseries affected by a drought disaster designated by the Secretary of Agriculture (nurseries are commercial establishments deriving 50 percent or more of their annual receipts from the production and sale of ornamental plants and other nursery products, including, but not limited to, bulbs, florist greens, foliage, flowers, flower and vegetable seeds, shrubbery, and sod);
(2) Small agricultural cooperatives;
(3) Producer cooperatives; and
(4) Small aquaculture enterprises.
(d) An eligible private non-profit organization is a non-governmental agency or entity that currently has:
(1) An effective ruling letter from the U.S. Internal Revenue Service, granting tax exemption under sections 510(c), (d), or (e) of the Internal Revenue Code of 1954, or
(2) Satisfactory evidence from the State that the non-revenue producing organization or entity is a non-profit one organized or doing business under State law.
[61 FR 3304, Jan. 31, 1996, as amended at 67 FR 11880, Mar. 15, 2002; 70 FR 72595, Dec. 6, 2005; 73 FR 41254, July 18, 2008; 75 FR 14333, Mar. 25, 2010; 76 FR 63547, Oct. 12, 2011]

Title 13 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 13.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-04-25; vol. 79 # 80 - Friday, April 25, 2014
    1. 79 FR 22859 - Disaster Assistance Loan Program; Disaster Loan Credit and Collateral Requirements.
      GPO FDSys XML | Text
      SMALL BUSINESS ADMINISTRATION
      Interim Final Rule with request for comments.
      Effective date: April 25, 2014. Applicability date: This rule is applicable for disasters declared on or after April 25, 2014. Comment date: Comments must be received on or before June 23, 2014.
      13 CFR Part 123

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United States Code
Statutes at Large

Title 13 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 13 CFR 123 after this date.

  • 2014-04-25; vol. 79 # 80 - Friday, April 25, 2014
    1. 79 FR 22859 - Disaster Assistance Loan Program; Disaster Loan Credit and Collateral Requirements.
      GPO FDSys XML | Text
      SMALL BUSINESS ADMINISTRATION
      Interim Final Rule with request for comments.
      Effective date: April 25, 2014. Applicability date: This rule is applicable for disasters declared on or after April 25, 2014. Comment date: Comments must be received on or before June 23, 2014.
      13 CFR Part 123