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City of Coralville News

Posted on: August 20, 2020

SBA Disaster Assistance Available to Iowa Private Nonprofit Organizations

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Low-interest Federal Disaster Loans for Private Nonprofits
Low-interest federal disaster loans are now available to certain private nonprofit organizations in Iowa following President Trump’s federal disaster declaration for Public Assistance as a result of severe storms that occurred August 10, 2020. 

Private nonprofits that provide essential services of a governmental nature are eligible for assistance. These low-interest federal disaster loans are available in 16 Iowa counties, including Johnson County.

SBA may lend private nonprofits up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to help with the cost of improvements to protect, prevent, or minimize the same type of disaster damage from occurring in the future.

For certain private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help with meeting working capital needs caused by the disaster. Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. 

Application Information
The deadline to apply for property damage is October 16, 2020. The deadline to apply for economic injury is May 17, 2021.

Apply online, receive additional disaster assistance information, and download applications at https://disasterloanassistance.sba.gov/. Applicants may also call SBA’s Customer Service Center at 800.659.2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call 800.877,8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Read full release from SBA
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