The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Idaho about the upcoming deadline for federal disaster loan applications. The loans are intended to help offset economic losses caused by the drought that began on May 1, 2024. The deadline for applications is March 10, 2025.
The disaster declaration covers several counties in Idaho: Benewah, Clearwater, Latah, Nez Perce, and Shoshone. Additionally, Whitman County in Washington is included under this declaration.
Through the SBA's Economic Injury Disaster Loan (EIDL) program, eligible small businesses, agricultural cooperatives, nurseries, and private nonprofits can apply for financial assistance if they have experienced losses due to the drought. It should be noted that agricultural producers such as farmers and ranchers are not eligible unless they are involved in aquaculture enterprises.
EIDLs aim to address working capital needs resulting from the disaster. These loans can cover fixed debts, payroll expenses, accounts payable, and other bills that would have been paid had there been no drought impact.
Loan amounts may reach up to $2 million with interest rates set at 4% for small businesses and 3.25% for private nonprofits. Terms extend up to 30 years with no interest accrual or payments required until one year after the first loan disbursement date. The SBA determines loan amounts and terms based on each applicant’s financial situation.
To apply online or get more information about SBA disaster assistance options, visit SBA.gov/disaster or contact their Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
Completed loan applications must be submitted by March 10.
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