Homeowners and Businesses Urged to Apply for Disaster Aid by Feb 21
Washington residents affected by the Bomb Cyclone can apply for federal disaster loans until February 21, 2025
Washington, Bomb Cyclone, Disaster Aid, SBA, Loans
Washington: The U.S. Small Business Administration (SBA) has announced that low-interest federal disaster loans are available for residents and businesses impacted by the Bomb Cyclone that hit from November 17 to 25.
This disaster declaration came after Governor Jay Inslee made a request on December 19.
Assistance is open to individuals and businesses in several counties, including Chelan, King, Kitsap, Kittitas, Pierce, Snohomish, and Yakima.
Eligible applicants include businesses of all sizes, private nonprofits, homeowners, and renters who faced property damage or loss during the storm.
Businesses can apply for loans up to $2 million to fix or replace real estate, machinery, equipment, inventory, and other assets.
Homeowners might qualify for up to $500,000 for repairs, while renters can get up to $100,000 for personal property losses.
Small businesses and nonprofits may also be eligible for Economic Injury Disaster Loans to help with working capital needs, even if they didn’t have physical damage.
A cool part of the SBA disaster loan program is that you can borrow up to 20% of verified physical damages for improvements that help reduce future risks.
These improvements could include things like installing sump pumps, weather stripping, or regrading landscapes for better drainage.
The SBA plans to open a Disaster Loan Outreach Center soon, where folks can get help with the application process and have their questions answered.
You can also apply online at SBA.gov/disaster, by phone at (800) 659-2955, or via email at disastercustomerservice@sba.gov.
Interest on these loans won’t start accruing until 12 months after the first disbursement, with repayment kicking in at the same time.
Make sure to submit applications for property damage by February 21, 2025, and for economic injury by September 23, 2025.
This program is funded through the American Relief Act of 2025, which President Biden signed on December 21, 2024.
It’s a good idea to get your applications in as soon as possible to ensure they’re processed quickly.