Small businesses in the North West affected by the wildfires face a major deadline

Small businesses in California, Oregon and Washington were recently reminded of the July 26-28 deadlines to apply for federal SBA disaster loans for economic damage caused by the wildfires. last year.

Small businesses in the North West affected by the wildfires face a major deadline

Director Tanya N. Garfield of the US Small Business Administration‘s Disaster Field Operations Center-West said some small businesses can apply for economic disaster loans of up to $2 million to help meet working capital needs. caused by disastrous fires. Eligible businesses include small non-agricultural businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size.

Low Interest Loan Deadline Approaches

The deadline means that there is less than a month for these companies to submit their applications, which can be a great help in these difficult times. Businesses in California and Washington have an earlier deadline of July 26, 2022, while businesses in Oregon have a deadline of July 28, 2022.

The interest rate is 2.88% for corporations and 2% for private non-profit organizations with terms up to 30 years. Final loan amounts and terms will be set by the SBA and will be based on each applicant’s financial situation.

Helping businesses recover from wildfires

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. Economic loss assistance is available whether or not the claimant has suffered property damage. »

Loan applicants can apply online at the Disaster Loans Website, as well as receive additional disaster assistance information or download apps. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

How wildfires devastated local businesses

The wildfires that led to the loans being made available 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 business owners faced, saying, “The fires, as well as Windows smashing and ongoing burglaries have left White Center businesses devastated and in a “state of emergency”, said Helen Shor-Wong, program manager for the White Center Community Development Association, during a meeting Oct. 8 between business owners and King County leaders.

The Seattle Times also described how business owners were asking the county and elected officials for more help, saying, “Ana Castro, co-owner of the longtime Salvadoran White Center bakery and restaurant, talked about paying $4,000 $ to have his window repaired. after it was destroyed and its staff felt unsafe to come to work.

“But it’s not just the series of destructive events that frustrate business owners, it’s what they say is the lack of response from county officials and other elected officials to their plight. At the meeting, the business owners presented the county with a petition asking that they do more to help.

The Hopkins Fire in Mendocino County, California raged from September 12-20. The oldest fire was the Bootleg Fire in Klamath County, Oregon, which took about five weeks to bring under control between July 6 and August 15.

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