Small businesses in California, Oregon and Washington have recently been reminded of the July 26-28 deadline to apply for federal loans for SBA disasters for economic damage caused by last year’s wildfires.
Small businesses in the northwest affected by forest fires have an important deadline
Director Tanya N. Garfield, of the U.S. Small Business Administration Disaster Field Operations Center, said certain small businesses can apply for economic disaster loans of up to $ 2 million to help cover working capital needs caused by disastrous fires. Eligible businesses include small non-farm businesses, small farm cooperatives, small aquaculture businesses, and most private nonprofits of any size.
Approximation of the term of the loan at low interest
The deadline means that there is less than a month for these companies to submit their applications, which can be a big help in these difficult times. California and Washington companies have an earlier deadline of July 26, 2022, while Oregon companies have a July 28, 2022 deadline.
The interest rate is 2.88% for companies and 2% for private non-profit organizations with terms of up to 30 years. The SBA will set the final loan amounts and conditions and will be based on the financial situation of each applicant.
Help for companies to recover from forest fires
Director Garfield said of the loans: “Economic disaster loans can be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid due to the impact of the disaster. Damage assistance is available regardless of whether the applicant has suffered any material damage. “
Loan applicants can apply online at the Disaster Loan website as well as receive additional disaster assistance information or download applications. Completed applications must be mailed to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
How forest fires devastated local businesses
The fires that made these loans unavailable occurred between July and September last year. The White Center fire in King County, Washington, began on July 5, and the Seattle Times reported on the conditions facing business owners, saying: “The fires, in addition to breakdowns of windows and ongoing thefts, have left White Center businesses devastated and in a “state of emergency,” Helen Shor-Wong, program director of the White Center Community Development Association, said at a meeting of the White House. Oct. 8 between business owners and King County leaders. “
The Seattle Times also described how business owners demanded more help from county and elected officials, saying, “Ana Castro, co-owner of the former Salvadoran Bakery and Restaurant in the White Center, talked about paying $ 4,000 to repair its glass window.after being shattered, and its staff does not feel safe to come to work.
“But it’s not just the series of destructive events that are frustrating business owners, but what they say is the lack of response from county officials and other elected officials to their plight. At the meeting, employers they filed a petition with the county asking them to do more to help. “
The Hopkins fire in Mendocino County, California, broke out between September 12 and 20. The longest fire was the Bootleg Fire in Klamath County, Oregon, which took about five weeks to control between July 6 and August 15.
Get the latest Small Business Trends headlines. Follow us on Google News.
Image: Depositphotos