The post-pandemic time has been hard for small businesses around the world. They are facing significant economic trouble, which the pandemic has caused. However, Northwest Small Businesses in the U.S. have been facing their worst ever nightmare.
The White Center Fire, which occurred between July and September last year, has devastated many small businesses in that area. Therefore, the U.S. Small Business Administration’s Disaster Field Operations Center-West announced the rolling out of Economic Injury Disaster Loans of up to $2 million. These loans are aimed to help the affected Northwest Small Businesses to get back on their own feet. The authorities have also announced a deadline for applications. Read the article to know more about the loans and the deadline.
The Wildfires And The Devastation
The White Center Fire started in King County, Washington, on 5th July, last year. The fire continued between July and September. According to a report by the Seattle Times, Northwest Small Businesses faced a real nightmare during this time. There was a wildfire. Moreover, incidents of burglary and window smashing increased rapidly. Helen Shor-Wong, program manager for the White Center Community Development Association called this situation, a state of emergency.
Moreover, the Seattle Times also reported that the devastated Northwest Small Businesses repeatedly asked for more help from the county. In addition, the Hopkins Fire in Mendocino County, California continued from 12th September to 20th September. However, the Bootleg Fire in Klamath County, Oregon took the longest time to control. It continued for five weeks between 6th July and 15th August.
Northwest Small Businesses Loan And Its Deadline
Tanya N. Garfield, the director of the U.S. Small Business Administration’s Disaster Field Operations Center-West admitted that the devastating wildfires have damaged many small businesses. Therefore, Garfield announced that the loans would help the Northwest Small Businesses deal with their working capital needs.
However, not all businesses are eligible for this loan. Small businesses engaged in aquaculture, small businesses engaged in aquaculture, most private non-profit organizations and small agricultural cooperatives may apply for the loan. However, the most interesting part of these loans is the low-interest rate. The interest rate has been set at 2.88% for businesses and 2% for private non-profit organizations. Moreover, the authorities have set the term of these loans up to 30 years. In fact, the SBA will set the amount of the loan and the term for each applicant. The authorities have clarified that these decisions will be taken after considering the financial condition of the applicant.
Garfield further clarified that the applicants may use the loan amount to pay various bills and debts. Moreover, applicants may also avail themselves of economic injury assistance. The eligible Northwest Small Businesses may apply for the loans online, using the following link:
https://disasterloanassistance.sba.gov/ela/s/
They can download application forms. A filled-up form has to be mailed at the following address line :
U.S. Small Business Administration, Processing and Disbursement Center.
14925 Kingsport Road,
Fort Worth,
TX 76155.
The deadline for Businesses in California and Washington is set for 26th July. On the otherhand, 28th July is the set deadline for businesses in Oregon.
Concluding Lines
Therefore, the initiative taken by the U.S. Small Business Administration’s Disaster Field Operations Center-West seems to be a much-needed one. The Northwest Small Businesses needed this badly. Therefore, if you are an eligible small business owner, you may apply for the loan at the earliest.
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