The U.S. Small Business Administration (SBA) has issued a reminder to private nonprofit organizations in Nebraska about the approaching deadline for applying for federal disaster loans. These loans are intended to mitigate economic losses resulting from severe storms, straight-line winds, and tornadoes that took place from April 25-27, 2024.
This disaster declaration includes the counties of Boone, Douglas, Greeley, Howard, Sherman, and Washington. Private nonprofits that offer governmental-type services and experienced financial setbacks due to the disaster are eligible to apply for Economic Injury Disaster Loans (EIDL). These loans provide working capital needs caused by the disaster even if no physical damage occurred. They can be used for fixed debts, payroll, accounts payable, and other expenses that would have been covered had the disaster not happened.
Interest rates on these loans may be as low as 3.25%, with terms extending up to 30 years. Interest does not begin accruing until one year after the first loan disbursement is made. The SBA determines loan amounts based on each applicant's financial situation.
Applicants are encouraged by the SBA to submit their applications promptly as they will be prioritized in order of receipt. The agency remains committed to processing applications efficiently.
For further information or to apply online, visit SBA.gov/disaster. Assistance is also available through SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services can be accessed by dialing 7-1-1 for those who are deaf or hard of hearing.
The deadline for submitting economic injury applications is March 3.