On Jul. 16, SBA amended major disaster declaration in State of Texas.
SBA issued an amendment of the Presidential declaration of a major disaster for Texas (FEMA-4781-DR), for severe storms, straight-line winds, tornadoes, and flooding.
Follows FEMA, White House May 2024 disaster aid, #212724 and SBA aid, #215958.
Disaster Amendment
Major disaster declaration amended to include additional areas as adversely affected.
For damage from storms, winds, tornadoes, and flooding from Apr. 26 - Jun. 5, 2024.
Primary counties eligible for physical damage and economic injury loans amended to include additional counties of: Anderson, Nacogdoches, Panola, Rusk, and Sabine.
Contiguous counties eligible for Economic Injury loans only amended to include Harrision and Shelby counties in Texas, and Caddo and De Soto counties in Louisiana.
Non-Profit Assistance
Following the amendment, low-interest federal disaster loans are now expanded to certain private nonprofit organizations in Blanco, Cass, Cherokee, and Dallas counties.
Also for Gonzales, Hopkins, McCulloch, Morris, Rains, Sabine and Titus counties.
Small Business Assistance
SBA reported additional nonfarm businesses eligible for low-interest federal loans.
Loans offset economic losses because of reduced revenues caused by adverse weather.
Includes primary county of Lampasas, with neighboring counties: Bell, Burnet, Coryell, Hamilton, Mills and San Saba for weather incidents occurring on May 4 - 5, 2024.
Also primary county of Hunt, with neighboring counties: Collin, Delta, Fannin, Hopkins, Kaufman, Rains, Rockwall and Van Zandt for weather incidents starting Mar. 11, 2024.
Assistance Overview
SBA may lend private nonprofits up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Additional funds for improvements to prevent or minimize future disaster damage.
For certain private nonprofit organizations of any size, SBA also offers economic injury disaster loans to help meet working capital needs of small business caused by disaster.
Economic injury disaster loans may be used to pay fixed debts, for payroll, accounts payable and for other bills that cannot be paid because of the disaster’s impact.
Economic injury assistance is available regardless of property damage to the nonprofit.
Interest rate is 3.25% for non-profit, 4% for small businesses, with terms up to 30 years; interest does not accrue until 12 months from date of first disbursement.
SBA disaster loan repayment begins 12 months from the date of first disbursement.
Deadlines
Physical loan due Aug. 15, 2024; economic injury disaster loan (EIDL) Feb. 18, 2025.
Small non-farm businesses deadline to apply for assistance due Mar. 10, 2025.
Jul. 18, 2024 SBA Expanded Aid
On Jul. 18, 2024, SBA expanded aid to private nonprofit orgs in Bailey County.
Jul. 25, 2024 SBA Federal Register
On Jul. 25, 2024, SBA published expanded aid to Bailey County in federal register.
Aug. 12, 2024 SBA Disaster Declaration Amended
On Aug. 12, 2024, SBA reported amendment to disaster declaration of May 23, 2024.
Low-interest federal disaster loans are now available to certain private nonprofit organizations in Bowie, Nacogdoches, Navarro,red River and Smith counties.
The deadline for filing applications for physical damages is extended to Sep. 9, 2024.
Aug. 16, 2024 SBA Amendment 8
On Aug. 16, 2024, SBA published Amendment 8 to disaster in the federal register.
The deadline for filing applications for physical damages is extended to Sep. 9,2024.
This notice is further amended to include the following areas as adversely affected by the disaster; Primary Counties: Bowie, Nacogdoches, Navarro, Red River, and Smith.
Aug. 26, 2024 SBA Declaration Amendment
On Aug. 26, 2024, SBA published amendment to disaster declaration, assistance.
Amended declaration now covers Bosque, Delta, Grimes and Madison counties in TX.
Deadline to apply for property damage Oct. 7, 2024; deadline for EIDL May 7, 2025.
