April 18 deadline for SBA loans from winter storm damage

Residents who want to submit loan applications to cover damage from winter storms to the Small Business Administration have until Monday, April 18, 2022.

Low-interest federal disaster loans are available to Grays Harbor businesses, nonprofit organizations, renters, and residents as a result of the winter and flooding that occurred Jan. 5-16, 2022.

Businesses and private nonprofit organizations are able to borrow up to $2 million from the SBA to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. 

SBA are also able to lend additional funds to businesses and homeowners to help with the cost of improvements to make improvements that would protect against the same type of disaster damage in the future. 

SBA disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. 

Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. 

These are loans and must be repaid. 

Anyone interested can apply online until the deadline.  

The SBA deadline to apply for physical damage loans is April 18, 2022. For Economic Injury Disaster Loan, the deadline is November 15, 2022.

Businesses 

Property Damage: up to $2,000,000 to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed (available to businesses of any size and private, non-profit organizations). 

Economic Injury: for businesses and private non-profit organizations suffering adverse financial impacts of the disaster (with or without property loss), up to $2,000,000 for working capital to help pay obligations until normal operations resume. 

Individuals and Families 

Homeowners: up to $200,000 to repair or replace real estate damage and up to $40,000 to replace personal property. 

Renters: up to $40,000 to repair or replace personal property. 

Interest rates can be as low as 2.83 percent for businesses, 1.875 percent for private nonprofit organizations and 1.438 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition. 

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloanassistance.sba.gov/.

Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance.

Individuals who are deaf or hard-of-hearing may call (800) 877-8339.