On May 24, SBA made disaster aid available to businesses, residents.
SBA made disaster assistance available to Iowa businesses and residents affected by the severe storms, tornadoes, and flooding that occurred May 20 through 21, 2024.
Eligibility
Declaration covers Adair, Montgomery, Polk, and Story counties as a result of disaster.
Businesses of all sizes and private nonprofits may borrow up to $2 million to repair damaged real estate, machinery and equipment, inventory and other business assets.
SBA can lend additional funds to help with cost of improvements to protect, prevent.
For small businesses, agricultural cooperatives, businesses engaged in aquaculture and most private nonprofits, SBA offers economic injury disaster loans (EIDLs).
The EIDL assistance is available to businesses regardless of any property damage.
Disaster loans up to $500k available to homeowners to repair damaged real estate.
Homeowners and renters are eligible for loans of up to $100,000 to repair or replace damaged or destroyed personal property, including personal motor vehicles.
May 2024 SBA Fed Reg Presidential Declaration
On May 31, 2024, SBA published a federal register notice of presidential declaration dated May 24, 2024 of a major disaster, occurring May 20 to 21, 2024 in Iowa.
The notice provides filing deadlines of Jul. 23, 2024 for physical damage loans and Feb. 24, 2025 for Economic injury disaster loan applications to be submitted.
Interest rates for physical damage range from 2.688% for homeowners without credit available elsewhere to 8.000% for business with credit available elsewhere.
For EIDLs rates are 3.250% for nonprofits and 4.000% for business and cooperatives.
Jun. 21, 2024 SBA Fed Reg Declaration Amendment
On Jun. 21, 2024, SBA published amended disaster declaration in the federal register.
Updated incident period as beginning May 20, 2024, continuing through May 31, 2024.
Jun 28, 2024 SBA Declaration Amendment 2
On Jun. 28, 2024, SBA published Amendment 2 to May 24, 2024 disaster declaration for public assistance only for the State of Iowa (FEMA-4784-DR) in federal register.
Amended the declaration in order to include primary counties: Adams, Cedar, Jasper.
Additionally, contiguous counties: Iowa: Clinton, Johnson, Jones, Linn, Mahaska, Muscatine, Poweshiek, Ringgold, Scott, Tama; all other information remains the same.
Jul. 5, 2024 SBA Fed Reg Declaration
On Jul. 5, 2024, SBA published notice of disaster declaration for severe storms, tornadoes, and flooding that occurred from May 20, 2024, through May 31, 2024.
Counties eligible for disaster relief include Adair, Adams, Buena Vista, Butler, Calhoun, Cedar, Cherokee, Clay, Dallas, Franklin, Hamilton, Hancock, Harrison, and Humboldt.
Additionally, the counties of Iowa, Jackson, Jasper, Kossuth, Marshall, Mitchell, Montgomery, Muscatine, Polk, Pottawattamie, Poweshiek, Shelby, Story, Tama, Wright.
Applications for physical damage due by Aug. 26, 2024, EIDLs due by Mar. 27, 2025.
Jul. 8, 2024 FEMA Fed Reg Declaration
On Jul. 8, 2024, FEMA published the notice of disaster declaration for severe storms, tornadoes, and flooding that occurred May 20 - May 21, 2024 in the federal register.
Counties eligible for disaster relief include Adair, Montgomery, Polk, and Story counties.
Also published Amendment 1 which extended date to May 31, 2024 in federal register.
On the same day, FEMA published Amendment 2 to the major disaster declaration for the State of Iowa to include Adams, Cedar, and Jasper counties in the federal register.
On Jul. 16, 2024, SBA publishedfederal register notice of Amendment 3 to the disaster declaration extending the deadline for physical damage loan applications.
Application deadline for physical damage loans for small businesses is Aug. 23, 2024.
Aug. 8, 2024 FEMA Amendment 3
On Aug. 8, 2024, FEMA published amendment 3 to add Adair county for permanent work, Adams, Cedar, Jasper, Montgomery, Polk, Story counties for public assistance.
Pottawattamie, Poweshiek, Shelby, Tama, and Wright counties for public assistance.
Also Buena Vista, Butler, Calhoun, Cherokee, Clay, Dallas, Franklin, Hamilton, Hancock, Harrison, Humboldt, Iowa, Jackson, Kossuth, Marshall, Mitchell, and Muscatine.
Aug. 26, 2024 SBA Working Capital Loans
On Aug. 26, 2024, SBA notified federal low-interest loan program to businesses affected by May 20 - May 31, 2024 Iowa severe storms, tornadoes, impact of flooding.
Working capital loans up to $2 million including repair, replace damaged or destroyed real estate, machinery and equipment, inventory and other additional business assets.
Economic injury loans available regardless of whether physical damage incurred.
Deadline to apply for property damage is Oct. 25, 2024 and for EIDL is May 27, 2025.
In Sep. 2024, HUD issued funds to assist residents in IOW following disaster, #224682
