SBA - U.S. Small Business Administration
12/23/2024 | Press release | Distributed by Public on 12/23/2024 18:33
SBA Offers Disaster Assistance to Washington Businesses and Residents Affected by the Bomb Cyclone
Disaster press release WA 20932-01
SBA Offers Disaster Assistance to Washington Businesses and Residents Affected by the Bomb Cyclone
Published on December 23, 2024 by Disaster Field Operations Center West
SACRAMENTO, Calif. - Low-interest federal disaster loans are available to Washington businesses and residents affected by the Bomb Cyclone that occurred Nov. 17-25. The U.S. Small Business Administration (SBA) declared a disaster in response to a request SBA received from Gov. Jay Inslee on Dec. 19.
The disaster declaration makes SBA assistance available in Chelan, King, Kitsap, Kittitas, Pierce, Snohomish and Yakima counties in Washington.
Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster. Within a few days, SBA will announce the opening of a Disaster Loan Outreach Center where SBA disaster representatives will be on hand to answer questions about SBA's disaster loan program, explain the application process and help each individual complete their application.
Businesses and homeowners may be eligible for a loan increase up to 20% of their physical damages, as verified by the SBA, to cover the cost of improvements. Examples of mitigation improvement may include regrading landscaping to improve drainage, installing a French drain, installing a sump pump, insulating pipes, walls and attics, weather stripping doors and windows and more. To learn more about mitigation options visit sba.gov/mitigation.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
SBA's disaster loan program offers an important advantage-the chance to incorporate measures that can reduce the risk of future damage. Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
SBA's disaster loan program has been replenished through the American Relief Act of 2025, signed into law by President Biden on Dec. 21, 2024.
The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to apply for property damage is Feb. 21, 2025. The deadline to apply for economic injury is Sept. 23, 2025.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Related programs: Disaster