Director Tanya N. Garfield of the U.S. Small Business Administration’s Disaster Field Operations Center-West announced today that SBA has approved more than $45 million in federal disaster loans for Nebraska businesses and residents impacted by severe winter storm, straight-line winds and flooding that occurred March 9 – July 14, 2019. According to Garfield, SBA has approved $7,251,700 for businesses and $38,563,800 for residents to help rebuild and recover from this disaster.
Garfield said, “Although the deadline to apply for property damage loans has expired, small businesses and most private nonprofit organizations of any size may continue to apply for an Economic Injury Disaster Loan to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business or nonprofit organization suffered any property damage.”
Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may qualify for an Economic Injury Disaster Loan of up to $2 million to help meet financial obligations and operating expenses which could have been met had the disaster not occurred. These 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.
These low-interest federal disaster loans are available in the Adams, Antelope, Blaine, Boone, Boyd, Buffalo, Burt, Butler, Cass, Cedar, Colfax, Cuming, Custer, Dakota, Dawson, Dixon, Dodge, Douglas, Fillmore, Frontier, Gage, Garfield, Gosper, Greeley, Hall, Hamilton, Holt, Howard, Jefferson, Johnson, Kearney, Keya Paha, Knox, Lancaster, Lincoln, Logan, Loup, Madison, Merrick, Nance, Nemaha, Otoe, Pawnee, Phelps, Pierce, Platte, Polk, Richardson, Rock, Saline, Sarpy, Saunders, Seward, Sherman, Stanton, Thayer, Thurston, Valley, Washington, Wayne, Wheeler and York counties in Nebraska; Fremont, Harrison, Mills, Monona, Pottawattamie and Woodbury counties in Iowa; Brown, Doniphan and Nemaha counties in Kansas; Atchison and Holt counties in Missouri; Bon Homme, Charles Mix, Gregory and Yankton counties in South Dakota; and the Santee Sioux Nation.
The interest rate is 4 percent for businesses and 2.75 percent for private nonprofit organizations with terms up to 30 years. The deadline to apply for economic injury is Dec. 23, 2019.