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 related to the Teton Pass landslide. The deadline is set for April 14, 2025.
This disaster declaration affects the counties of Bonneville, Fremont, Madison, and Teton in Idaho, along with Teton County in Wyoming. Eligible entities can apply for loans under SBA’s Economic Injury Disaster Loan (EIDL) program if they have suffered financial losses due to the landslide on June 8, 2024.
The EIDL program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofits. However, it excludes agricultural producers, farmers, or ranchers unless they are aquaculture enterprises. These loans are designed to meet working capital needs resulting from the disaster and can be used for various expenses like fixed debts and payroll.
Chris Stallings of the SBA stated: “SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery.” He added that these loans are essential not only for business recovery but also for sustaining local economies post-disaster.
Eligible applicants can receive up to $2 million in loans with interest rates starting at 4% for small businesses and 3.25% for nonprofits. The repayment terms extend up to 30 years with payments deferred until one year after disbursement.
Applications can be submitted online at sba.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. For those requiring telecommunications relay services due to hearing or speech disabilities, dialing 7-1-1 is recommended.
Completed applications must reach the SBA by April 14, 2025.