ATLANTA – More than $13 million in disaster loans have been approved by the U. S. Small Business Administration for businesses and residents with losses resulting from the earthquakes in Puerto Rico.
Currently, 440 disaster loans have been approved in the amount of $13,008,200 for affected survivors. SBA is encouraging businesses of all sizes, non-profit organizations, homeowners and renters to take advantage of the opportunity to apply for disaster assistance for their physical losses before the March 16, 2020 deadline. “Our mission is to help businesses and residents rebuild and resume their normal lives as quickly as possible,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may be eligible for a loan 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.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Interest rates are as low as 3.875 percent for businesses, 2.75 percent for nonprofit organizations and
1.5 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362 or (TTY) 800-462-7585. Multilingual operators are available. Press 2 for Spanish. Press 3 for other languages
Survivors may apply for an SBA Disaster Loan online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoan.sba.gov.
Additional details on the locations of Disaster Recovery Centers and 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 e-mail to disastercustomerservice@sba.gov.
The filing deadline to return applications for physical property damage is March 16, 2020. The deadline to return economic injury applications is Oct. 16, 2020.
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