The U.S. Small Business Administration (SBA) is reminding small businesses and private nonprofit organizations in Idaho about the approaching deadline to apply for federal disaster loans related to the Gwen Fire. These low-interest loans aim to help offset economic losses from the fire that occurred between July 24 and August 9, 2024.
This disaster declaration covers several counties across Idaho, Oregon, and Washington. Specifically, it includes Clearwater, Idaho, Latah, Lewis, Nez Perce in Idaho; Wallowa in Oregon; and Asotin and Whitman in Washington.
Through this declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is accessible to small businesses, agricultural cooperatives, nurseries, and nonprofits that have faced financial setbacks due to the fire. However, it excludes agricultural producers such as farmers or ranchers unless they are small aquaculture enterprises.
These EIDLs can address working capital needs even if there was no physical damage to the business. They may cover expenses like fixed debts, payrolls, accounts payable, and other unpaid bills resulting from 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 of the SBA's Office of Disaster Recovery and Resilience. “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 can reach up to $2 million with interest rates as low as 4% for small businesses and 3.25% for nonprofits over terms extending up to 30 years. Interest will not accrue nor will payments be required until one year after the first loan disbursement. The SBA determines loan amounts and terms based on each applicant’s financial condition.
Applications can be submitted online at sba.gov/disaster or through SBA’s Customer Service Center by calling (800) 659-2955 or emailing disastercustomerservice@sba.gov. For those with hearing or speech disabilities, dial 7-1-1 for telecommunications relay services.
Completed loan applications must be submitted by August 22.
###