On Jul. 25, SBA issued assistance due to KNY storm, winds, landslide.
SBA offered disaster assistance to businesses and residents of Kentucky due to storms, straight-line winds, tornadoes, landslides, mudslides that occurred May 21-27, 2024.
Foregoing counties are eligible for Physical and Economic injury disaster loans (EIDL).
Small businesses and most private nonprofits are eligible to apply for EIDL in counties of Allen, Barren, Bell, Boyd, Carter, Crittenden, Edmonson, Graves, Grayson, Jackson.
Additionally, applies to Lawrence and Scioto counties in Ohio, and Campbell, Claiborne, Henry, Montgomery, Robertson, Stewart and Sumner counties in Tennessee.
Business recovery centers will be open in Madisonville and Central City on Jul. 26, 2024 to help with applications and application updates, and to accept documents.
Loan Details
Businesses and private nonprofits may borrow up to $2mn to repair/replace disaster-damaged/destroyed real estate, machinery/equipment, inventory, business assets.
Small businesses, small agricultural cooperatives, small aquaculture businesses and most private nonprofits are eligible for EIDLs to help meet working capital needs.
Loans up to $500k are available to homeowners to repair/replace damaged/destroyed real estate, homeowners and renters eligible for up to $100k for personal property.
May also be eligible for loan amount increase of up to 20% for mitigation purposes.
Application Due Dates
File applications for physical damage by Sep. 23, 2024, for EIDL, file by Apr. 23, 2025.
Jul. 2024 SBA Fed Reg Notices
On Jul. 31, 2024, SBA publishedfederal register notice regarding public assistance to nonprofits that provide essential services of a governmental nature in KNY.
These entities may file applications online for loans for physical damage or EIDLs.
Number assigned to this disaster for physical damage is 20486C; for EIDLs 204870.
Adversely impacted areas are Adair, Allen, Ballard, Barren and other counties as listed.
Also, Jul. 31, 2024, SBA published notice of presidential declaration of a major disaster for the Commonwealth of Kentucky (FEMA-4804-DR, dated Jul. 23, in federal register.
Declaration for KNY for storms, winds, tornadoes, landslides, mudslides May 21-27.
Aug. 2024 SBA Declaration Amendment 1
On Aug. 8, 2024, SBA published disaster declaration amendment 1 in federal register.
Declaration for private non-profit organizations in KNY dated Jul. 23, 2024, is amended for additional areas adversely affected by event; Primary counties, Harlan and Perry.
