There are numerous state and federal government programs available to help anyone or any business affected by the storms in numerous counties in Iowa. The counties authorized for FEMA and SBA assistance are:
- Clay
- Emmet
- Lyon
- Plymouth
- Sioux
1) There are physical damage loans available for homeowners, renters, nonprofit organizations, and businesses. Below is a link to more information on this along with the application.
Physical damage loans | U.S. Small Business Administration (sba.gov)
2) You can also apply for assistance directly through FEMA for the Iowa severe storms and flooding. There are deadlines for these applications and the applicable deadline for the June 16th storms and flooding is:
- 8/23/24
What to Expect When You Apply Online | disasterassistance.gov
3) There are EIDL loans that some may be eligible for if their business is located in a declared disaster area. To be eligible they must meet the following:
- Substantial economic injury means the business is unable to meet its obligations and pay its ordinary and necessary operating expenses.
- EIDL provides the necessary working capital to help small businesses impacted by a disaster survive until normal operations resume.
- EIDL assistance is available only to small businesses when SBA determines they are unable to obtain credit elsewhere.
A business may qualify for, both, an EIDL and a physical disaster loan.
The maximum combined loan amount is $2 million.
Economic Injury Disaster Loans | U.S. Small Business Administration (sba.gov)
4) Northwest Iowa Businesses in Buena Vista, Clay, Emmet, Lyon, O’Brien and Sioux Counties: Relief Available After Flooding with Special Revolving Loan Fund Program
Due to the recent flooding that has devastated our region in northwest Iowa, Northwest Iowa Planning and Development Commission (NWIPDC) announces a special Revolving Loan Fund (RLF) program designed to assist local businesses in the affected counties impacted by the disaster. Funding for the program is provided by the Economic Development Administration (EDA) through an existing source of de-federalized business loan funding.
This program allows NWIPDC to offer short-term, signature loans with 0% interest to help businesses cover essential needs such as working capital, equipment purchase and repairs.
Features of the RLF Program:
- Loan Amount: Up to $20,000.00
- Interest Rate: 0%
- Loan Term: Short-term (up to 5 years)
- Loan Use: Working capital or repairs to flood damage
Eligibility: This program is open to all small businesses in Buena Vista, Clay, Emmet, Lyon, O’Brien and Sioux Counties that have sustained damage from the recent flooding.
How to Apply: For more information on the program and to apply for a loan, please contact Ted Kourousis at Ted.Kourousis@nwipdc.org. You can also call the NWIPDC office at 712-262-7225, ext 142.
5) The Disaster Recovery Housing Assistance Program will provide financial assistance to eligible homeowners affected by recent natural disasters, helping them to expediate repairs to their homes.
Disaster Recovery Housing Assistance Program – Iowa Finance Authority
6) The Disaster New Housing Grant Program will provide financial assistance for the development of for sale and rental housing in cities impacted by the disasters in counties Adair, Adams, Buena Vista, Cedar, Cherokee, Clarke, Clay, Emmet, Harrison, Jasper, Lyon, Mills, Montgomery, O’Brien, Plymouth, Polk, Pottawattamie, Ringgold, Shelby, Sioux, Union and Woodbury.
2024 Disaster Recovery – New Housing | Disaster Recovery | Iowa Economic Development (iowaeda.com)
Please reach out to your trusted tax advisor for more information or if you have any questions.
