Small nonfarm businesses that were impacted by a severe hail and wind storm in Big Horn County last year face a rapidly approaching deadline to seek assistance from the Small Business Administration. …
Small nonfarm businesses that were impacted by a severe hail and wind storm in Big Horn County last year face a rapidly approaching deadline to seek assistance from the Small Business Administration. Federal disaster loans for economic injury are low-interest loans, intended to offset economic losses caused by adverse weather conditions.
Businesses in Big Horn County and neighboring counties — including Park and Washakie counties — can be eligible, if they were hurt by the storm on July 26, 2018.
The SBA says small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations may apply for Economic Injury Disaster Loans of up to $2 million. The interest rate is as low as 3.61 percent for businesses and 2.5 percent for private nonprofit organizations.
To be eligible, businesses and organizations must apply by June 17.
The loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. SBA eligibility covers both direct impacts to a business along with economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the storm.
By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster; the secretary declared the Big Horn County storm a disaster on Oct. 17.
Applicants may apply online, receive additional disaster assistance information and download applications at https://disasterloan.sba.gov/ela. Applicants may also call 800-659-2955 or email firstname.lastname@example.org for more information.
Farmers and ranchers are not eligible for SBA disaster assistance, as they are served through the U.S. Department of Agriculture.