Deadline approaches for small businesses to apply for SBA federal disaster loan
BONNEVILLE COUNTY, Idaho (KIFI) – The deadline is approaching for Idaho small businesses to apply for an SBA federal disaster loan for economic injury due to flooding caused by extreme and excessive rainfall in Bonneville County that occurred May 23, 2023.
Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, said April 24, 2024 is the deadline.
According to Sánchez, small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster.
"Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Sánchez said.
These low-interest federal disaster loans are available in Bingham, Bonneville, Caribou, Jefferson, Madison and Teton counties in Idaho and Lincoln and Teton counties in Wyoming.
Interest rates are 4% for businesses and 2.375 for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
Applicants may apply online and receive additional disaster assistance information HERE.
Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, dial 7-1-1 to access telecommunications relay services.
