Small businesses and private nonprofit organizations in Idaho affected by severe weather in April last year still have the opportunity to apply for federal disaster loans. The U.S. Small Business Administration (SBA) has set a deadline of May 2, 2025, for applications. The aid is specifically for economic losses due to storms, flooding, and landslides that occurred on April 14-15, 2024.
The declaration, covering Idaho County, opens eligibility for the SBA's Economic Injury Disaster Loan (EIDL) program. This program supports small businesses, agricultural cooperatives, nurseries, and certain nonprofit organizations that suffered financial setbacks because of the disaster. However, these loans are not available to agricultural producers, farmers, or ranchers, except aquaculture enterprises.
These loans are designed to meet the working capital needs resulting from the disaster, assisting businesses in financial recovery even if there was no physical damage. They can be used for paying fixed debts, employee salaries, accounts payable, and other expenses impacted by the disaster.
"SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster, which is crucial for their recovery," said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
Businesses can apply for loans up to $2 million, with interest rates of 4% for small businesses and 3.25% for nonprofits, on terms extending to 30 years. The SBA will determine specific loan amounts and terms according to each applicant's financial circumstances.
Applications can be submitted online at SBA.gov/disaster or by contacting the SBA’s Customer Service Center. Completed applications must be received by May 2.