Low-interest federal disaster loans are currently available to Oklahoma businesses and residents. Deadline July 1, 2024 as a result of the severe storms, straight-line winds, tornadoes and flooding that occurred April 25 through May 9, 2024.
The declaration OK 20303 covers the Oklahoma counties of: McClain, Carter, Craig, Hughes, Johnston, Kay, Lincoln, Love, Murray, Nowata, Okfuskee, Okmulgee, Osage, Ottawa, Pontotoc, Pottawatomie, Washington & Washita.
This is for homeowners and renters, not just businesses. The deadline to apply for physical damage is July 1, 2024. The deadline to apply for Economic Injury is January 30, 2025.
There is no requirement to accept an approved loan. An approval would be an option for rebuilding and recovery.
Loan Amounts: Businesses can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, supplies, machinery and equipment. Businesses of any size are eligible. Private, nonprofit organizations such as charities, churches, private universities, etc., are also eligible.
Homeowners can access up to $500,000 to repair or replace damaged real estate and homeowners and renters can access up to $100,000 for damaged personal property, including vehicles.
SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster, regardless of whether there was property damage. Economic injury extends to all contiguous counties.
