Billings, Montana – According to a press release issued last week by the U.S. Small Business Administration, private nonprofit groups in Monroe County may qualify for loans to cover losses they sustained as a result of severe storms this past spring.
An organization that prioritizes social or public good before financial gain is referred to as a private nonprofit organization. According to the news release, PNP organizations that qualify include soup kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
Applications for the loans are accepted from PNP organizations in the counties of Benton, Brown, Clinton, Johnson, Monroe, Morgan, Owen, Sullivan, and White.
According to their website, businesses can apply for two different sorts of loans: business physical catastrophe loans and economic injury disaster loans. According to the press release, the maximum loan amount is $2 million, with a 2.375 percent interest rate.
According to the SBA’s website, in order for a firm to be eligible for an economic damage disaster loan, it must be unable to cover its regular and necessary operating costs or the SBA must find that it is unable to obtain credit elsewhere. If a business’s disaster loss cannot be fully covered by insurance or other sources, it may be eligible for a business physical disaster loan.
Organizations can submit an online application for disaster loan assistance through the SBA website by using the electronic loan application and filling out the form. They ought to submit an application via SBA declaration #17955 or by emailing DisasterCustomerService@sba.gov.
The application deadlines for business physical property damage loans are July 31, 2023, and for economic harm disaster loans, they are March 1, 2024.
When severe storms and tornadoes struck Indiana on March 31 and April 1, President Joe Biden signed a disaster declaration for the state in April, making federal money accessible to those who were impacted.
People who were impacted by the hurricanes have until July 31 to file tax forms and pay taxes, the Internal Revenue Service stated in April.
