The U.S. Small Business Administration (SBA) is reminding private nonprofit (PNP) organizations in Texas of the Feb. 24, 2025 deadline to apply for low interest federal disaster loans to offset economic losses caused by severe storms, straight line winds, tornadoes and flooding that occurred April 26–June 5, 2024.
The disaster declaration covers the counties of Bailey, Cochran and Hockley.
Under the declaration, SBA’s Economic Injury Disaster Loan (EIDL) program is available to PNPs that provide non-critical services of a governmental nature and suffered financial losses directly related to the disaster.
Examples of eligible noncritical PNPs include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools, and colleges.
EIDLs are available for working capital needs caused by the disaster and are available even if the PNP did not suffer any physical damage.
The loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.
The loan amount can be up to $2 million with interest rates as low as 3.25%, with terms up to 30 years. Interest does not accrue, and payments are not due, until 12 months from the date of the first loan disbursement. The SBA sets loan amount terms based on each applicant’s financial condition.
For more information and to apply online visit SBA.gov/ disaster.