The Small Business Administration (SBA) of the United States of America has announced that low-interest federal disaster loans are now available to citizens and businesses in the state of Washington that have been impacted by the Bomb Cyclone that occurred from November 17 to November 25.
The declaration of a catastrophe was declared on December 19, in response to a request made by Governor Jay Inslee.
Individuals and companies located in the counties of Chelan, King, Kitsap, Kittitas, Pierce, Snohomish, and Yakima are eligible to get aid from any of these organizations.
The candidates who are eligible for this program include homeowners and renters who have experienced property damage or loss as a result of the storm, businesses of any size, private nonprofit organizations, and businesses.
Loans of up to two million dollars are available to businesses for the purpose of repairing or replacing assets such as real estate, machinery, equipment, inventories, and other assets.
For the purpose of repairing or replacing damaged real estate, prospective homeowners may be eligible for up to $500,000, while renters may be eligible for up to $100,000 for losses to their personal property.
Even if they did not suffer any physical property damage, small companies and nonprofit organizations may still be eligible for Economic Injury Disaster Loans to satisfy their working capital requirements to cover the costs of the disaster.
Borrowing up to twenty percent of the verified physical damages for the purpose of making mitigation modifications is a distinctive element of the Small Business Administration’s disaster loan program.
The installation of sump pumps, weather stripping, and regrading landscapes for improved drainage are some of the modifications that are being made with the intention of reducing future dangers.
In the near future, the Small Business Administration (SBA) will establish a Disaster Loan Outreach Center, where representatives will provide assistance to applicants throughout the process and answer any questions they may have.
There are also three more ways to submit an application: online at SBA.gov/disaster, over the phone at (800) 659-2955, or via email at [email protected].
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The interest on these loans does not start to accrue until a year has passed since the initial disbursement, and repayment of the loans also starts at the same time.
The deadline for submitting applications for economic injury is September 23, 2025, while the deadline for submitting applications for property damage is February 21, 2025 or later.
A bill called the American Relief Act of 2025, which was signed into law by President Biden on December 21, 2024, has provided funding for the program.
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It is strongly recommended that applicants submit their applications as soon as possible in order to guarantee priority processing.
