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Panoptic Enterprises' FEDERAL CONTRACTS DISPATCH

DATE: April 3, 2002

SUBJECT: Small Business Administration; Economic Injury Disaster Loans Responding to the September 11, 2001, Attacks

SOURCE: Federal Register, April 3, 2002, Vol. 67, No. 65, page 15851

AGENCIES: Small Business Administration (SBA)

ACTION: Notice of Extension of Application Deadline

SYNOPSIS: SBA is extending the application deadline for economic injury disaster loans (EIDLs) to small business concerns outside the declared disaster areas that suffered substantial economic injury as a direct result of the destruction of the World Trade Center, New York, NY, or the damage to the Pentagon on September 11, 2001, from April 22, 2002, to May 22, 2002.

EDITOR'S NOTE: The SBA's EIDL regulations are in Title 13 of the Code of Federal Regulations (CFR), "Chapter 1, Small Business Administration," "Part 123, Disaster Loan Program".

For more on the EIDL regulations pertaining to the terrorist attacks on the World Trade Center and the Pentagon, see the October 22, 2001, FEDERAL CONTRACTS DISPATCH "Small Business Administration; Disaster Loan Program," and the January 15, 2002, FEDERAL CONTRACTS DISPATCH "Small Business Administration; Disaster Loan Program."

DATES: The application deadline is extended from April 22, 2002, to May 22, 2002.

FOR FURTHER INFORMATION CONTACT: George Camp, Supervisory Program Analyst, Office of Disaster Assistance, 202-205-6734.

SUPPLEMENTAL INFORMATION: On October 22, 2001, SBA added to 13 CFR Part 123 a new Subpart G, Economic Injury Disaster Loans as a Result of the September 11, 2001 Terrorist Attacks, to authorize EIDL assistance to eligible small businesses located beyond the declared disaster areas. SBA set January 22, 2002, as the deadline for the submission of applications. However, a large number of applications were issued but not returned to the SBA, so SBA decided to extend the filing deadline for EIDLs under this disaster program from January 22, 2002, to April 22, 2002 (see 13 CFR 123.605, How long do I have to apply for a loan under this subpart?).

SBA has decided to extend the application deadline again. SBA published on January 23, 2002, an interim final rule that made adjustments in its monetary-based small business size standards in recognition of the effect of inflation since 1994 (see the January 23, 2002, FEDERAL CONTRACTS DISPATCH "Small Business Administration; Inflation Adjustment to Size Standards for Service Industries"). Also, on March 15, 2002, SBA published an interim final rule that changes the date upon which the size of a travel agency is determined for purposes of this expanded EIDL program (see the March 15, 2002, FEDERAL CONTRACTS DISPATCH "Small Business Administration; Small Business Size Standard for Travel Agencies"). SBA believes an extension to file for expanded EIDL assistance is appropriate and necessary to enable businesses to determine if they are now eligible for the EIDL program in light of these recent rule changes. Accordingly, SBA is extending the filing deadline for EIDLs under this disaster program from April 22, 2002, to May 22, 2002.

The interest rate for eligible small businesses is 4%.

Applications can be filed at the SBA disaster office servicing the applicant's state:

FOR FURTHER INFORMATION CONTACT: Panoptic Enterprises at 703-451-5953 or by e-mail to Panoptic@FedGovContracts.com.

Copyright 2002 by Panoptic Enterprises. All Rights Reserved.

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