President Declares Disaster in Kentucky, Unlocks Loans for Storm Recovery
Published Date: 3/10/2025
Notice
Summary
The President declared a major disaster for parts of Kentucky hit by storms, flooding, and mudslides starting February 14, 2025. Non-profit groups in 10 counties can now apply for low-interest disaster loans to help recover, with physical damage loan applications due by May 5 and economic injury loans by December 4. This declaration means faster aid and financial support to get communities back on their feet!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Nonprofits in 10 Kentucky counties eligible
Private non-profit organizations that provide essential governmental services in Ballard, Barren, Butler, Green, Hart, Marshall, Metcalfe, Rockcastle, Spencer, and Wayne counties may apply for SBA disaster loans because the President declared a major disaster on March 4, 2025 for incidents beginning February 14, 2025 and continuing.
Low 3.625% interest rate for nonprofit loans
SBA disaster loans for eligible non-profit organizations (both physical damage and economic injury loans) carry an interest rate of 3.625% for non-profits, whether they have credit available elsewhere or not. These rates apply to the disaster numbers assigned (physical damage 209856; economic injury 209860).
Application deadlines for disaster loans
If you are an eligible non-profit, physical damage loan applications must be filed by May 5, 2025, and Economic Injury Disaster Loan (EIDL) applications must be filed by December 4, 2025. You can apply online at the MySBA Loan Portal (https://lending.sba.gov) or at locally announced locations and get help from the SBA disaster assistance customer service center.
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Key Dates
Department and Agencies
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