Storm relief loan deadline set for July 20

Citizens who suffered damage from storms or their effects are eligible

Homeowners, renters or business owners in Butte County, who suffered physical damage to their property as a result of severe weather conditions that began Feb. 21, can apply for relief resources from the U.S. Small Business Administration.

However, the deadline for application for physical assistance, low-interest loans is July 20.

Those who suffered physical hardship from those severe winter storms and the effects from them — including straight-line winds, flooding, landslides and mudslides — are eligible for the help. The federal government designated Butte as a “primary county” for this assistance.

Colusa, Plumas, Sutter and Yuba counties received “contingent county” designations, making residents and non-resident business owners eligible for economic-injury benefits.

Business physical disaster loans are loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, nonprofit organizations such as charities, churches, private universities, etc., are also eligible.

Economic injury disaster loans are working-capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.

Home disaster loans are loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.

Credit requirements are straightforward. Applicants must have credit history acceptable to the SBA, must show the ability to repay all loans, and must have sufficient collateral under certain circumstances. Collateral is required for physical loss and economic injury disaster loans in excess of $25,000.

The SBA takes real estate as collateral when it is available. The SBA will not decline a loan for lack of collateral, but requires a loan applicant to pledge what is available.

SBA officials say it’s important for applicants to begin the loan application process promptly to ensure recovery options prior to the economic injury deadline of Jan. 3, 2024.

Final eligibility is based on a case-by-case review for each applicant.

To apply or to get more information on the assistance program, visit disasterloanassistance.sba. gov, or call 800-659-2955. Applicants can also send a message to disastercustomerservice@sba.gov.