The U.S. Small Business Administration (SBA) is reminding private nonprofit organizations in Nebraska of the upcoming deadline to apply for federal disaster loans. These loans are intended to offset physical damage caused by severe winter storms and straight-line winds that occurred on March 18-19.
The disaster declaration includes several counties in Nebraska: Boone, Burt, Butler, Cass, Clay, Dakota, Colfax, Cuming, Dodge, Douglas, Fillmore, Hamilton, Jefferson, Johnson, Lancaster, Nuckolls, Otoe, Platte, Polk, Saline, Sarpy, Saunders, Seward, Thayer, Thurston, Washington, Webster and York.
Under this declaration's terms and conditions of eligibility criteria defined by SBA’s guidelines PNPs offering governmental services can apply for business physical disaster loans. These eligible organizations may borrow up to $2 million to repair or replace damaged real estate and other assets.
Applicants might qualify for a loan increase of up to 20% of their verified physical damage for mitigation purposes. Mitigation improvements could include insulating pipes and walls or installing storm windows to protect against future disasters.
Chris Stallings from the Office of Disaster Recovery and Resilience at the SBA stated: “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage.” He encouraged businesses and homeowners to collaborate with contractors and professionals on these improvements while utilizing SBA’s mitigation loans.
PNPs can also apply for Economic Injury Disaster Loans (EIDLs) aimed at meeting working capital needs such as paying fixed debts or payroll. This assistance is available regardless of any physical property damage suffered by the PNP.
Interest rates for these loans can be as low as 3.62%, with terms extending up to 30 years. Interest does not accrue until 12 months after the first loan disbursement. Loan amounts and terms are determined based on each applicant's financial condition.
The SBA urges applicants to submit their applications promptly since they will be processed in order received. For online applications visit sba.gov/disaster or contact SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. The deadline for returning physical damage applications is July 22; economic injury applications are due by February 23 next year.