ATLANTA – The U.S. Small Business Administration has added more municipalities to the disaster declaration in Puerto Rico for businesses and residents affected by the earthquakes that occurred from Dec. 28, 2019 through Feb. 4, 2020. Additionally, the SBA extended the deadline to apply for physical disaster loans to April 15, 2020.
The disaster declaration now covers Adjuntas, Aguada, Añasco, Arecibo, Barceloneta, Cabo Rojo, Ciales, Coamo, Corozal, Guanica, Guayanilla, Hormigueros, Jayuya, Juana Díaz, Lajas, Lares, Las Marías, Maricao, Mayagüez, Moca, Morovis, Naranjito, Orocovis, Peñuelas, Ponce, Sabana Grande, Salinas, San Germán, San Sebastián, Santa Isabel, Utuado, Villalba and Yauco municipalities in Puerto Rico 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 municipalities are eligible to apply only for SBA Economic Injury Disaster Loans: Aguadilla, Aibonito, Barranquitas, Bayamón, Camuy, Cayey, Comerio, Florida, Guayama, Hatillo, Isabela, Manati, Quebradillas, Rincón, Toa Alto, Vega Alta and Vega Baja.
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.
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.
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 strengthening and retrofitting masonry buildings or concrete facilities that are vulnerable to ground shaking, installing window film to prevent shattered glass, or anchor rooftop-mounted equipment to help protect people and property from future earthquake damage.
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.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoan.sba.gov.
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. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
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 April 15, 2020. The deadline to return economic injury applications is Oct. 16, 2020.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.