Federal loans available for storm damage in El Dorado County
Qualifying private, nonprofit businesses in El Dorado County could be eligible for federal small business loans to compensate for losses in the early January storm that hit the region.
“President Donald J. Trump issued a major disaster declaration on February 14, 2017 due to Severe Winter Storms, Flooding and Mudslides that occurred January 3-12, 2017,” reads at March 7 release from El Dorado County.
“As a result, the U.S. Small Business Administration (SBA) is making available loans to private, nonprofit organizations that provide essential services of a government nature.”
Though the county applied for all businesses to be covered under its emergency declaration, this was not what was issued in the federal declaration.
“From a county level we are all inclusive. We want all of our businesses that have suffered losses because of the roads being closed — because whatever — to be able to apply for this,” said El Dorado County Sheriff’s Department Lt. Jim Byers.
“That is a designation that is made by the federal government when they make their declarations. It is usually done on the advice of the state.”
It is unclear at this time if funds will be made available for damages caused by the three other major storms in January and February.
Byers noted that despite the restrictions of the declaration to private, nonprofit businesses, establishments that incurred damage from the storm can still apply for a loan through the SBA.
“It doesn’t mean it’s going to be approved, but they can definitely apply,” noted Byers.
Both Physical and Economic Injury Disaster Loans are available. The deadline for the physical loan is April 17, while the economic loan application is due by Nov. 14.
Applicants may apply for a SBA loan online using the Electronic Loan Application at https://disasterloan.sba.gov/ela. Businesses can also e-mail the SBA’s Customer Service Center at email@example.com or call 1-800-659-2955 for disaster loan information and application forms.