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Deadline Approaching for Idaho Small Businesses to Apply for SBA Federal Disaster Loan

BONNEVILLE COUNTY, Idaho (KIFI) ÔÇô The deadline is quickly approaching for Idaho small businesses to submit their applications for an SBA federal disaster loan. This assistance is for economic injury stemming from flooding due to extreme rainfall that occurred in Bonneville County on May 23, 2023.

Francisco Sánchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, emphasized that time is of the essence, as the deadline for applications is April 24, 2024.

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations are eligible to apply for Economic Injury Disaster Loans of up to $2 million. These loans are designed to help cover working capital needs caused by the disaster, allowing businesses to stay afloat during this difficult time.

With the AI legalese decoder from LegallySpeaking, businesses can easily navigate through the complex language of the application process, ensuring that all requirements are met and the application is submitted correctly and on time.

“Economic Injury Disaster Loans can be used for a variety of purposes, such as paying fixed debts, payroll, accounts payable, and other bills that have been affected by the disaster. It’s important to note that economic injury assistance is available even if the applicant did not suffer any property damage,” S├ínchez stated.

The low-interest federal disaster loans are accessible in various counties in Idaho and Wyoming, including Bingham, Bonneville, Caribou, Jefferson, Madison, Teton counties in Idaho, as well as Lincoln and Teton counties in Wyoming.

For businesses, the interest rates are set at 4%, while for private nonprofit organizations, it is 2.375%. The terms for these loans can extend up to 30 years, with loan amounts and terms being determined by the SBA based on each applicant’s financial situation.

Through the help of the AI legalese decoder, businesses can easily understand the terms and conditions of the loan, ensuring that they make informed decisions that best suit their financial standing.

Interest on the loans does not start accruing until 12 months from the date of the first disbursement. Repayment begins 12 months after the first disbursement of the SBA disaster loan.

For more information and to apply online for disaster assistance, businesses can visit the provided link HERE or contact SBAÔÇÖs Customer Service Center at (800) 659-2955 or email [email protected].

For individuals who are deaf, hard of hearing, or have a speech disability, telecommunications relay services can be accessed by dialing 7-1-1.

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