Presidential Declaration of a Major Disaster for the State of California
Published Date: 1/17/2025
Notice
Summary
California just got hit hard by wildfires and strong winds starting January 7, 2025, and the President declared it a major disaster on January 8. This means people and businesses in Los Angeles and nearby counties can apply for low-interest disaster loans to help rebuild and recover. Act fast—physical damage loan applications close March 10, and economic injury loans are available until October 8, 2025.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Homeowner Disaster Loans in Los Angeles
If you own a home in Los Angeles County damaged by the January 7, 2025 wildfires and winds, you can apply for an SBA physical disaster loan by March 10, 2025. The notice lists interest rates for homeowners: 5.125% if you have credit available elsewhere and 2.563% if you do not.
Business Physical Damage Loans in Los Angeles
Businesses and nonprofit organizations in Los Angeles County can apply for SBA physical damage loans for damage from the January 7, 2025 wildfires and winds until March 10, 2025. The notice lists interest rates for businesses: 8.000% if credit is available elsewhere and 4.000% if not; nonprofits have rates of 3.625%.
Economic Injury (EIDL) Loans for Affected Counties
Businesses, small agricultural cooperatives, and nonprofits in Los Angeles County and contiguous counties (Kern, Orange, San Bernardino, Ventura) can apply for Economic Injury Disaster Loans (EIDL) through October 8, 2025. The notice lists EIDL interest rates: 4.000% for businesses and small agricultural cooperatives without credit available elsewhere and 3.625% for nonprofits without credit available elsewhere.
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