The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations in Nebraska that they have until June 24 to apply for federal disaster loans. These loans are intended to mitigate economic losses caused by severe weather events, including storms, straight-line winds, tornadoes, and flooding that occurred from June 20 to July 8, 2024.
The affected areas include the Nebraska counties of Boyd, Clay, Dakota, Dawson, Douglas, Fillmore, Holt, Howard, Lincoln, McPherson, Nance, Nemaha, Richardson, Saunders, Scotts Bluff, Thomas and Washington.
Under this declaration by the SBA’s Economic Injury Disaster Loan (EIDL) program is available to nonprofits offering non-critical governmental services that faced financial setbacks due to the disasters. Eligible organizations might include food kitchens, homeless shelters, museums libraries community centers schools and colleges.
These loans are designed to address working capital needs resulting from the disaster even if no physical damage was sustained. Funds can be used for fixed debts payroll accounts payable and other obligations unmet because of the disaster.
“SBA loans help eligible small businesses and private nonprofits cover operating expenses after a disaster which is crucial for their recovery,” stated 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.”
Loan amounts may reach up to $2 million with interest rates starting as low as 3.25% and terms extending up to 30 years. Interest does not begin accruing until one year after the initial loan disbursement allowing some relief during early recovery efforts. The specific terms depend on each applicant's financial condition.
The SBA advises prompt submission of applications as they will be processed in order received aiming for efficient handling.
Applications can be submitted online or more information obtained via sba.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or emailing disastercustomerservice@sba.gov Telecommunications relay services are accessible by dialing 7-1-1 for those with hearing or speech disabilities.
Completed applications must be submitted by June 24.
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