Deadline for SBA disaster loan program is July 8

LINES DOWN: Downed utility lines are seen on Route 16 in Harmon on Feb. 23 as Typhoon Wutip neared its closest approach to Guam. July 8 is the deadline for qualifying nonprofit organizations eligible for federal disaster loans from the Small Business Administration to apply. Post file photo

Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West is reminding private nonprofit organizations on Guam of the July 8 deadline to apply for an SBA federal disaster loan. The loan program applies to property damage caused by Typhoon Wutip in February. Private nonprofits that provide essential services of a governmental nature are eligible for assistance. 

Garfield stated eligible private nonprofits of any size may apply for SBA federal disaster loans of up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

In addition, SBA offers Economic Injury Disaster Loans to help eligible private nonprofits meet working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the private nonprofit suffered any property damage, the SBA stated in a press release. Private nonprofits have until Feb.7, 2020, to apply for an SBA Economic Injury Disaster Loan.

The interest rate is 2.75% with terms up to 30 years. Loan amounts and terms are set by SBA and based on each applicant’s financial condition.

Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

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