SBA Low Interest Disaster Loans

Record snow (and rain!) has created a very challenging winter in Tahoe City. Many Tahoe City and West Shore businesses have suffered damages and hardships due to power outages, road closures, flooding and more. If your business is in need of help this winter, TCDA, Placer County and the Sierra Business Council want to help!

SBA disaster loans may be available for uninsured losses due to storm damage. Eligibility is determined by declaration of a State of Emergency in each jurisdiction. SBA issued the Disaster Assistance notice yesterday, Feb. 23, for Placer and Nevada Counties. Plus, Placer County, Nevada County and the Town of Truckee all declared a State of Emergency during the recent storm systems.
To be eligible for an SBA Disaster Assistance loan, the business must be located in a declared disaster area. Declaration of Emergency does not guarantee access to federal funding for disaster relief, however, based on damages to infrastructure, residences and businesses that occurred during these emergency declaration periods, businesses within each jurisdiction may be eligible for an SBA low interest disaster loan.
The criteria for an SBA emergency declaration is as follows:
Physical Disaster Declaration: At least 25 homes and/or businesses or other eligible institutions in a disaster area each sustain uninsured losses of at least 40 percent or more of the estimated fair replacement value or pre-disaster fair market value of the damaged property.

Economic Injury Disaster Declaration: At least five small businesses in a disaster area have suffered substantial economic injury as a result of the disaster. Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary and necessary operating expenses. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster. If your business feels that you meet the Physical Disaster Declaration or Economic Injury Disaster Declaration criteria, you can contact Sierra Business Council’s Small Business Development Center (SBDC) at (530) 582-5022. The SBDC can help businesses with their loan applications or existing loan modification documentation. Please contact your insurance company first before pursuing an SBA Disaster Loan. 

Complete these two documents and return: SBA Disaster Loan Fact SheetEconomic Injury Worksheet.

We look forward to helping make 2017 a great year for our Tahoe City business community!

2017-05-20T10:25:28+00:00 March 1st, 2017|Resources|