According to the U.S. Small Business Administration (SBA), low-interest federal disaster loans are now available to Washington residents and businesses affected by the Bomb Cyclone that occurred from Nov. 17 to 25.
The disaster declaration was issued following a request from Gov. Jay Inslee on Dec. 19.
The assistance is available to individuals and businesses in Chelan, King, Kitsap, Kittitas, Pierce, Snohomish, and Yakima counties.
Eligible applicants include businesses of all sizes, private nonprofit organizations, homeowners, and renters who suffered property damage or loss during the storm.
Businesses can apply for loans of up to $2 million to repair or replace real estate, machinery, equipment, inventory, and other assets.
Homeowners may be eligible for up to $500,000 to repair or replace damaged real estate, and renters can receive up to $100,000 for personal property losses.
Small businesses and nonprofit organizations may also qualify for Economic Injury Disaster Loans to cover working capital needs, even if they did not sustain physical property damage.
A unique feature of the SBA disaster loan program is the option to borrow up to 20% of verified physical damages for mitigation improvements.
These improvements aim to reduce future risks, such as installing sump pumps, weather stripping, or regrading landscapes for better drainage.
The SBA will soon open a Disaster Loan Outreach Center where representatives will assist applicants with the process and answer questions.
Applications can also be submitted online at SBA.gov/disaster, by phone at (800) 659-2955, or via email at disastercustomerservice@sba.gov.
Interest on these loans does not begin to accrue until 12 months after the first disbursement, with repayment beginning at the same time.
Applications for property damage must be submitted by Feb. 21, 2025, while applications for economic injury are due by Sept. 23, 2025.
The program has been funded through the American Relief Act of 2025, signed by President Biden on Dec. 21, 2024.
Applicants are encouraged to submit applications immediately to ensure priority processing.
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