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On July 23rd, A federal agency announced that millions of dollars in disaster loans have been approved for people affected by flooding this past June of the Yellowstone River and some other streams in southern Montana. The Small Business Administration announced that more than $4.5 million in disaster loans have been approved. The agency offers three types of loans: Business Physical Disaster Loans, Economic Injury Disaster Loans and Home Disaster Loans. The application period deadline for physical damage loans is August 29, 2022, while the economic injury loan application period ends March 30, 2023.
The business loans are for repairs or replacing disaster-damaged property. Private businesses, nonprofits, churches, universities and others are eligible, according to the agency. Economic injury loans are for businesses that cannot meet their financial obligations because of flooding. And home loans are for homeowners or renters who need to repair or replace disaster-damaged real estate and personal property.