OLYMPIA—The Small Business Administration (SBA) late Monday, December 23, approved Governor Jay Inslee’s request for a disaster declaration following the Bomb Cyclone that occurred November 17-25. The SBA declaration makes low-interest federal loans available to Washington businesses and residents affected by the storm in Chelan, King, Kitsap, Kittitas, Pierce, Snohomish and Yakima counties.
“I appreciate the Small Business Administration’s quick action on this request,” Inslee said regarding the approval of his request to the SBA for bomb-cyclone relief assistance. “This important declaration provides those impacted by this devastating storm another tool to quickly get back on their feet and quickly recover. People suffered irreparable losses – including the loss of life. I’m confident this assistance helps businesses and homeowners rebuild and restore their livelihoods as soon as possible.”
The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received. Read the SBA fact sheet for more on applying for these loans.
Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The deadline to apply for property damage is February 21, 2025. The deadline to apply for economic injury is September 23, 2025.
More about Bomb Cyclone SBA Disaster Loans
Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster. Within a few days, SBA will announce the opening of a Disaster Loan Outreach Center where SBA disaster representatives will be on hand to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their application.
Businesses and homeowners may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, to cover the cost of improvements. Examples of mitigation improvement may include regrading landscaping to improve drainage, installing a French drain, installing a sump pump, insulating pipes, walls and attics, weather stripping doors and windows and more. To learn more about mitigation options visit sba.gov/mitigation.
Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
SBA’s disaster loan program offers an important advantage–the chance to incorporate measures that can reduce the risk of future damage. Work with contractors and mitigation professionals to strengthen your property and take advantage of the opportunity to request additional SBA disaster loan funds for these proactive improvements.
Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.
Interest does not begin to accrue until 12 months from the date of the first disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement.
SBA’s disaster loan program has been replenished through the American Relief Act of 2025, signed into law by President Biden on December 21, 2024.
Author: Mario Lotmore
