Tahoe-Truckee businesses impacted by storms may qualify for federal loans
What to do next
Truckee home and business owners who believe that their home may meet the SBA storm damage criteria should contact the town by March 3 by calling Management Analyst Hilary Hobbs at 530-582-2914 or emailing her at email@example.com.
Washoe County business owners who believe they may be eligible for SBA relief related to the drought that began last year should visit the SBA’s website at https://disasterloan.sba.gov/ela.
SBA Disaster Loans are only available to those in areas where disasters have been declared. If you live in another area and want to find out if you’re eligible for SBA Disaster Loan assistance, visit SBA’s website at sba.gov/loans-grants.
Regional damage estimates won’t be complete until the snow melts in late spring, but business owners are already tallying up the cost of repairs needed after the latest bout of storms hit the Tahoe-Truckee region this month.
Residences and businesses that were impacted, either physically or economically, by the storms may be eligible for financial relief through the U.S. Small Business Administration.
Truckee town officials are calling on locals to let them know about damages from the storms so that they can determine whether they’re eligible to make a physical disaster declaration and/or an economic injury disaster declaration.
The town declared an emergency for the Jan. 7 storm period, and is considering doing so for the Feb. 6 period, according to a press release from the town.
If they are able to meet SBA’s guidelines for a physical disaster and/or economic injury, it would be possible for individuals and businesses to apply for a low-interest disaster loan through the SBA.
To make a physical disaster declaration, according to the press release from the town, “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.”
The statement also said that in order to meet the eligibility requirements to declare an economic injury disaster, there must be at least five small businesses in the area that have suffered substantial economic injury.
As for businesses in Washoe County, the SBA is still calculating damages related to the drought.
In an email statement issued Tuesday, the SBA announced that Nevadans in Carson City, Lyon, Storey and Washoe counties have until March 21 to apply for an SBA federal disaster loan for economic injury related to the drought that began last year.
“These low-interest loans are to offset economic losses because of reduced revenues caused by the drought in Storey County that began May 20, 2016,” the statement said.
According to the U.S. Small Business Administration’s website, “SBA provides low-interest disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters. SBA disaster loans can be used to repair or replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets.”