Today, Representative Rick Larsen (WA-02) applauded the news that the U.S. Small Business Administration (SBA) has made available low interest federal disaster loans to Washington businesses impacted by severe flooding last December.
“The communities I represent need federal support to rebuild from the devastating floods in December,” said Rep. Larsen. “These loans are an important step in the disaster relief process, and I will keep fighting for more funds to help families and businesses in Northwest Washington make a full recovery.”
The declaration covers Skagit, Snohomish, Island, Whatcom, and San Juan counties in the Second District.
Businesses and nonprofits are eligible to apply for business physical disaster loans and economic injury disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Interest rates are as low as 4% for businesses, 3.625% for PNPs, and 2.875% for homeowners and renters with terms up to 30 years.
Disaster recovery centers will be launched soon throughout the counties covered in the declaration.
The deadline to return physical damage applications is April 27. The deadline to return economic injury applications is Nov. 24.
Rep. Larsen has been working to secure flood resources for affected businesses and families. This month, Rep. Larsen joined the Washington state’s entire Congressional delegation in a letter to President Donald Trump urging him to approve Governor Ferguson’s request for a major Disaster Declaration for Public Assistance to help repair state infrastructure damaged in December’s historic flooding.
Last month, Rep. Larsen joined the Washington state’s entire Congressional delegation in supporting Governor Ferguson’s application for federal Individual Assistance to aid survivors, which is currently pending approval. Back in December, Rep. Larsen joined the Washington delegation in a letter to President Trump urging him to approve Governor Ferguson’s request for an expedited Emergency Declaration for the devastating storms and severe flooding hitting Washington state—that request was approved.
