SBA Oklahoma Storm Disaster Declared

On May 1, SBA reported disaster assistance available in Oklahoma.

  • SBA reported low-interest federal loans available to businesses and residents due to severe storms, straight-line winds, tornadoes, and flooding that began on Apr. 25.
  • White House President Biden approved Oklahoma disaster declaration on Apr. 30.
  • Federal funding available to affected individuals in counties of Hughes, Love, Murray.
  • Disaster Assistance
  • Businesses of all sizes and private nonprofits may borrow up to $2mn to repair damaged real estate, machinery and equipment, inventory and other business assets.
  • Further, SBA can also lend additional funds to help with the cost of improvements to protect, prevent or minimize disaster damage from occurring in the future.
  • For small businesses, agricultural co-ops, businesses engaged in aquaculture and most private nonprofits of any size, SBA offers Economic Injury Disaster Loans (EIDLs).
  • EIDLs are intended to help meet working capital needs caused by the disaster.
  • Homeowners, renters eligible for up to $100kto repair or replace damaged property.
  • May 2, 2024 FEMA Makes Aid Available
  • On May 2, 2024, FEMA reported that Oklahomans who sustained damages in this incident may be eligible for aid under FEMA's Individuals and Households Program.
  • Eligible applicants may qualify for rental assistance, basic home repairs, personal property losses and other eligible expenses related to their storm damage.
  • Currently, survivors living in Hughes, Love or Murray counties may be eligible for disaster assistance, although additional counties may be added at a later date.
  • Victims with damage to primary home may receive rent for temporary place housing.
  • May also receive home repair assistance, other needs assistance, displacement aid.
  • FEMA may also held with medical, dental and funeral experiences, car and truck damage, and the purchase or rental of generators used at the primary residence.
  • May 3, 2024 HUD OKL Disaster Aid
  • On May 3, 2024, HUD made available federal disaster assistance for Oklahoma and federal aid to State, tribal and local recovery efforts for victims in affected areas.
  • Effective immediately, HUD is providing 90-day mortgage foreclosure moratorium on FHA, Indian Home Loan programs and 90-day extension for Home Equity Conversion.
  • HUD also making mortgage insurance available and home rehabilitation insurance.
  • Will share data on loans with FEMA and Oklahoma and provide expertise to the State.
  • Also will provide flexibility to grantees, public housing agencies, Tribes and their housing agencies, ensure that counseling and anti-discrimination staff available.
  • May 5, 2024 FEMA Loans Available from SBA
  • On May 5, 2024, FEMA reported the availability of low-interest SBA disaster loans.
  • Homeowners eligible for a disaster loan up to $500k for primary residence repairs or rebuilding, homeowners and renters with up to $100k to replace personal property.
  • May 10, 2024 SBA Declaration Amendment
  • On May 10, 2024, SBA published in the federal register, an amendment of the Presidential declaration of a major disaster for the State of OKL dated Apr. 30, 2024.
  • Amended to include the following areas adversely affected by disaster, Carter County.
  • Added Stephens county as an eligible contiguous county for economic injury loans.
  • Physical loan applications due Jul. 1, 2024; EIDL application deadline is Jan. 30, 2025.
  • May 14, 2024 SBA Declaration Amendment
  • On May 14, 2024, SBA issued second amendment to Oklahoma disaster declaration.
  • Included Okmulgee county as primary county eligible for EIDL, physical damage loans.
  • Contiguous counties of Creek, Muskogee, Tulsa, Wagoner, eligible for EIDL loans only.
  • May 16, 2024 SBA Declaration Amendments
  • On May 16, 2024, SBA issued a third amendment to Oklahoma disaster declaration.
  • Added Osage and Pontotoc as primary counties for physical damage loans and EIDLs.
  • Kay, McClain, Noble, Pawnee, Pottawatomie, Washington of OKL and Chautauqua, Cowley of Kansas were added as contiguous counties for economic injury loans only.
  • On the same day, SBA issued amendment 4 to adjust incident period through May 9.
  • May 18, 2024 FEMA Instructions Proof of Ownership
  • On May 18, 2024, FEMA issued guide for victims to prove ownership of property in Carter, Hughes, Love, Murray, Okmulgee, Osage, Pontotoc, Washita counties.
  • Owners, renters must prove they occupied the disaster-damaged primary residence before receiving Housing Assistance and some types of Other Needs Assistance.
  • FEMA now accepts a broader range of documentation such as deed, property tax receipts, manufactured home title, public official letter, self-certification.
  • Occupancy can be proven with utility bills, employer's statement, lease agreement, rent receipts, public official's statement, motor vehicle registration, benefit providers.
  • In either case, if victims have successfully verified in a prior disaster within a two-year period, they do not need to reverify ownership or occupancy to FEMA.
  • May 20, 2024 SBA Fed Reg Amendment
  • On May 20, 2024, SBA published in the federal register an amendment to the Presidential disaster declaration for the State of Oklahoma dated Apr. 30, 2024.
  • Supplement adds additional primary county of Washita for Physical Damage and EIDLs and contiguous OKLA counties of Beckham, Caddo, Custer, Kiowa for EIDLs only.
  • May 23, 2024 FEMA Additional Counties
  • On May 23, 2024, FEMA reported that Kay, Lincoln, Okfuskee, Pottawatomie and Washington counties were added to declaration for storms beginning Apr. 25, 2024.
  • Eligible for aid, including rental assistance under Individuals and Households Program.
  • Applicants may qualify for aid from FEMA in the form of rental assistance, basic home repairs, personal property losses and other expenses related to storm damage.
  • Survivors living in Carter, Hughes, Love, Murray, Okmulgee, Osage, Pontotoc and Washita counties may also be eligible for disaster assistance from FEMA.
  • Jun. 1, 2024 FEMA, SBA Additional Counties
  • On Jun. 1, 2024, FEMA reported Craig, Johnston, McClain, Nowata and Ottawa counties have been added to Oklahoma major disaster declaration for Apr. 25-May 9 storms.
  • Follows SBA May 29 expanding available aid to private nonprofits in five additional counties, including Johnston, Pittsburg, Pontotoc, Tillman, and Washita counties.
  • Also follows publication of May 23, 2024 disaster expansion, in the federal register.
  • Jun. 3, 2024 SBA Fed Register Publication
  • On Jun. 3, 2024, SBA published expanded disaster declaration in the federal register.
  • Jun. 7, 2024 SBA Fed Register Amendment
  • On Jun. 7, 2024, SBA published amendment to the disaster declaration to add primary counties (EIDLs, Physical Damage) of Craig, Johnston, McClain, Nowata, Ottawa.
  • Also contiguous (EIDLs only) OKL counties of Atoka, Bryan, Canadian, Delaware, Grady, Mayes; KNS counties Cherokee, Labette, MO counties McDonald, Newton.
  • Jun. 12, 2024 SBA Amendment 4
  • On Jun. 12, 2024, SBA reported aid now available in Seminole and Wagoner counties.
  • Jun. 20, 2024 SBA Fed Reg Amendment 4
  • On Jun. 20, 2024, SBA published amendment 4, for FEMA-4776-DR of May 16, 2024.
  • Published amendment 4, addition of Seiminole, Wagoner counties, in federal register.
  • In Jun. 2024, FEMA issued several OKL disaster declaration amendments, #215963.
  • Jul. 2024 SBA Fed Reg Amendment 8
  • On Jul. 5, 2024, SBA published amendment 8 related to Oklahoma May 16 disaster.
  • Notice given to extend the deadline for filing applications for physical damages as a result of disaster to Jul. 31, 2024, and deadline for EIDL applications is Jan. 30, 2025.

Regulators FEMA; SBA; White House
Entity Types CNSM; Corp
Reference SBA: 89 FR 55663, 7/5/2024; 89 FR 51934, 6/20/2024 PR OK 20339-04, 6/12/2024; 89 FR 48700, 6/7/2024; 89 FR 47681, 6/3/2024; 89 FR 47191, 5/31/2024; PR OK 20339-03, 5/29/2023; 89 FR 43973, 5/20/2024; 89 FR 42912, 89 FR 42912, 5/16/2024; 89 FR 42010, 5/14/2024; 89 FR 40523, 5/10/2024; PR OK 20303-01, 5/1/2024; FEMA: PR 025, 6/1/2024; PR 019, 5/23/2024; PR 018, 5/18/2024; PR 006, 5/5/2024; PR 001, 5/2/2024; HUD: PR 24-099, 5/3/2024; White House: PR, 4/30/2024; FEMA-4776-DR; Disaster Dec #20303, #20304; Disaster No. OK-20001;
Functions BCS; Compliance; Financial; Legal; Operations; Record Retention
Countries United States of America
Products Corporate; Loan; Mortgage
Regions Am
Rule Type Final
Rule Date 5/1/2024
Effective Date 7/31/2024
Rule Id 210529
Linked to N/A
Reg. Last Update 7/5/2024
Report Section US Investment

Last substantive update on 07/09/2024