The U.S. Small Business Administration (SBA) is offering low-interest disaster loans to businesses and residents in Indiana following the announcement of a Presidential disaster declaration due to damages from severe storms, straight-line winds and tornadoes from March 31 to April 1.
The disaster declaration covers Allen, Benton, Clinton, Grant, Howard, Johnson, Lake, Monroe, Morgan, Owen, Sullivan and White counties in Indiana, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Adams, Bartholomew, Blackford, Boone, Brown, Carroll, Cass, Clay, De Kalb, Delaware, Greene, Hamilton, Hendricks, Huntington, Jackson, Jasper, Knox, Lawrence, Madison, Marion, Miami, Montgomery, Newton, Noble, Porter, Pulaski, Putnam, Shelby, Tippecanoe, Tipton, Vigo, Wabash, Warren, Wells and Whitley in Indiana.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets. These centers are designed for businesses and not individual homeowners.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
The filing deadline to return applications for physical property damage is June 14, 2023. The deadline to return economic injury applications is Jan. 15, 2024.