The U.S. Small Business Administration (SBA) is reminding those affected by last summer's wildfires in Wheeler County, Oregon, of the approaching deadline to apply for federal disaster loans. According to the SBA, businesses, nonprofits, and residents have until May 12 to submit applications for low-interest loans to address physical damage incurred during the wildfires that occurred from July 10 to August 23, 2024.
The disaster loans cater to various needs. Businesses and nonprofits may apply for business physical disaster loans and can borrow up to $2 million to repair or replace damaged or destroyed property, including real estate, machinery, and inventory. Homeowners may access loans up to $500,000 for repairs to their primary residences, while homeowners and renters can apply for up to $100,000 to replace personal belongings like clothing and appliances.
Additionally, applicants might qualify for an increased loan amount of up to 20% above their initial physical damage to support mitigation efforts. Such improvements are intended to offer greater protection against future wildfires and other disasters. "One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future damage," said Chris Stallings, the associate administrator of the Office of Disaster Recovery and Resilience at the SBA. He advised, "I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their disaster readiness."
The SBA also provides an Economic Injury Disaster Loan (EIDL) program specifically for eligible organizations impacted by financial losses due to the wildfires. Although general agricultural producers are excluded, aquaculture ventures may apply. These loans may reach $2 million, with interest rates set at 4% for businesses, 3.25% for nonprofits, and 2.688% for homeowners and renters. Loan terms can last up to 30 years, with conditions tailored to individual financial situations.
Applications can be submitted online at sba.gov/disaster. The SBA's Customer Service Center, available at (800) 659-2955 or via email at disastercustomerservice@sba.gov, provides additional assistance. For individuals who are deaf or hard of hearing, telecommunications relay services are accessible by dialing 7-1-1.
While the deadline for physical damage applications is May 12, applications for economic injury need to be submitted by December 15.