ATLANTA – The U.S. Small Business Administration (SBA) encourages businesses of all sizes, private nonprofit organizations, homeowners and renters to apply for a disaster loan for physical damage before the Nov. 19 deadline. Anyone in the declared counties in Mississippi with damages caused by severe storms, straight-line winds, tornadoes and flooding from the recently changed incident period of Feb. 22 through Aug. 23, 2019, should apply for the SBA disaster loan assistance.
The disaster declaration covers Clay, Humphreys, Issaquena, Lowndes, Monroe, Sharkey, Warren and Yazoo in Mississippi 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: Attala, Chickasaw, Clairborne, Hinds, Holmes, Itawamba, Lee, Leflore, Madison, Noxubee, Oktibbeha, Sunflower, Washington and Webster in Mississippi; and Lamar, Marion, Pickens in Alabama; Chicot in Arkansas ; and East Carroll, Madison and Tensas parishes in Louisiana .
Businesses and nonprofits can apply up to $2 million to repair or replace disaster damaged real estate, machinery, equipment, inventory, and other business assets. Loans for working capital, known as Economic Injury Disaster Loans, are available even if the business did not suffer any physical damage. Homeowners can apply up to $200,000 to repair or replace disaster damaged real estate. Homeowners and renters can apply up to $40,000 to repair or replace damaged personal property including automobiles.
Interest rates are as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations, and 2.063 percent for homeowners and renters, with terms up to 30 years. The SBA determines loan amounts and terms based on each applicant’s circumstances.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoan.sba.gov .
Additional details on the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov . Loan applications can also be downloaded at www.sba.gov . Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Nov. 19, 2019 . The deadline to return economic injury applications is June 22, 2020 .