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The Indiana Daily Student

business & economy bloomington

Bloomington private nonprofit organizations eligible for disaster loans

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Private nonprofit organizations in Monroe County may be eligible to receive loans for damages they incurred during severe storms this past spring, the U.S. Small Business Administration announced in a press release last week. 

A private nonprofit organization is an organization that has a social or public benefit purpose and does not focus on earning a profit. PNP organizations that are eligible include food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges, according to the press release.  

PNP organizations in Benton, Brown, Clinton, Johnson, Monroe, Morgan, Owen, Sullivan and White counties are eligible to apply for the loans.  

[Related: Biden approves Indiana disaster declaration after recent storms]

Businesses can apply for two types of loans: economic injury disaster loans and business physical disaster loans, according to their website. The maximum loan amount to borrow is $2 million with an interest rate of 2.375 percent, according to the press release. 

To apply for an economic injury disaster loan, a business must not be able to pay its ordinary and necessary operating expenses or the SBA determines they are unable to get credit elsewhere, according to their website. To apply for a business physical disaster loan, a business’s disaster loss cannot fully be covered by insurance or other sources. 

Organizations can apply online by using the electronic loan application and filling out the form for the disaster loan assistance through the SBA’s website. They should apply under SBA declaration #17955 or by sending an email to DisasterCustomerService@sba.gov.  

[Related: IRS extends tax deadlines for Indiana strom victims]

The deadlines for the applications are July 31, 2023 for business physical property damage loans and March 1, 2024 for economic injury disaster loans. 

President Joe Biden approved a disaster declaration for Indiana in April making federal funding available for people who were affected by the severe storms and tornadoes on March 31 and April 1. 

The Internal Revenue Service announced in April that people affected by the storms have until July 31 to file tax returns and to make tax payments. 

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