- Associated Press - Tuesday, May 12, 2015

ALBANY, N.Y. (AP) - New York businesses affected by last year’s flooding could be qualified for disaster loans.

Sens. Charles Schumer and Kirsten Gillibrand on Monday announced that businesses hit by flooding from April 1 through July 8, 2014 can apply for the low-interest Small Business Administration loans.

The loans of up to $2 million can be used to pay fixed debts, payroll and other bills resulting from the flooding. The interest rates are 2.6 percent for private nonprofit organizations and 4 percent for small businesses. The loans can be paid over 30 years.

The SBA will accept applications for emergency federal loans through May 26.

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