Another Extension for Louisiana Businesses to Seek Flood Aid

BATON ROUGE, La. (AP) — Gov. John Bel Edwards' administration is again extending the deadline for small businesses damaged by last year's flooding to seek interest-free, partially forgivable loans.

The deadline for submitting loan applications had been Tuesday. Amid a slow pace of submissions from businesses, the Office of Community Development says applications will continue to be accepted.

No new deadline was announced.

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Loan terms also were tweaked, doubling the percentage that will be forgiven.

The $43 million program offers loans from $10,000 to $150,000 to businesses harmed by the March and August 2016 floods. Forty percent of the loan is forgiven when the other 60 percent is repaid.

Nearly $4 million in loans have been processed so far.

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The loans can be used to pay rent, utilities, mortgage, wages and some non-construction repair expenses.

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