SBA Disaster Loans Still Available to Morongo Band of Mission Indians Nonprofits Hit by Winter Storms: Apply Today! featured image

SBA Disaster Loans Still Available to Morongo Band of Mission Indians Nonprofits Hit by Winter Storms: Apply Today!

News from: U.S. Small Business Administration

The U.S. Small Business Administration (SBA) encourages private nonprofit organizations in the Morongo Band of Mission Indians with economic losses caused by the severe storms and flooding that occurred Jan. 31-Feb. 9, 2024, to apply for Economic Injury Disaster Loans (EIDLs) before the Jan. 21, 2025 deadline. PNPs that provide essential services of a governmental nature are eligible for assistance.

EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

“Working capital loans from the SBA are essential to eligible small businesses affected by the incident,” said Francisco Sánchez, Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. “These loans help sustain local economies when a disaster occurs.”

The interest rate is 3.25% with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition. Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.

On October 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available.

Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.