ATLANTA – The U.S. Small Business Administration (SBA) has extended the deadline to for businesses of all sizes, private nonprofit organizations, homeowners, and renters to apply for a physical disaster loan to March 14 in Kentucky. Anyone in the declared Kentucky counties with physical property damage due to the severe storms, straight-line winds, flooding and tornadoes on Dec. 10-11, 2021, should apply for an SBA low-interest disaster loan. In addition, SBA’s Business Recovery Centers (BRCs) will be closed on Monday, Feb. 21, for Presidents’ Day, and will resume normal operations on Tuesday, Feb. 22.
The disaster declaration covers Barren, Caldwell, Christian, Fulton, Graves, Hart, Hickman, Hopkins, Logan, Lyon, Marion, Marshall, Muhlenberg, Ohio, Taylor, and Warren counties in Kentucky, 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 (EIDLs): Adair, Allen, Boyle, Breckinridge, Butler, Calloway, Carlisle, Casey, Crittenden, Daviess, Edmonson, Grayson, Green, Hancock, Hardin, Larue, Livingston, McCracken, McLean, Metcalfe, Monroe, Nelson, Simpson, Todd, Trigg, Washington and Webster in Kentucky; Mississippi and New Madrid in Missouri; and Henry, Lake, Montgomery, Obion, Robertson, Stewart and Weakley in Tennessee.
The SBA’s Business Recovery Centers will be closed on Monday, Feb. 21 for Presidents’ Day. They will resume operations on Tuesday, Feb. 22 as indicated below until further notice:
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SBA Business Recovery Center Marshall County Joe Creason Community Center The Joe Creason Room Benton, KY 42025
Hours: Monday - Friday, 9 a.m. – 6 p.m. Holiday Closure: Monday, Feb. 21 Closed: Saturday and Sunday |
SBA Business Recovery Center Hopkins County Hopkins County Regional Chamber of Commerce Madisonville, KY 42431
Hours: Monday - Friday, 8 a.m. – 6 p.m. Holiday Closure: Monday, Feb. 21 Closed: Saturday and Sunday |
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SBA Business Recovery Center Warren County Western Kentucky University Center for Research and Development WKU Business Accelerator Center Bowling Green, KY 42101
Hours: Monday - Friday, 8 a.m. – 5 p.m. Holiday Closure: Monday, Feb. 21 Closed: Saturday and Sunday |
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 non-profit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL 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 for up to $40,000 to repair or replace disaster damaged or destroyed personal property, including automobiles.
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.
Interest rates are as low as 2.83 percent for businesses, 1.875 percent for nonprofit organizations and 1.438 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 SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/, and should apply under SBA declaration # 17286, not for the COVID-19 incident.
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.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please call 7-1-1 to access telecommunications relay services) or emailing DisasterCustomerService@sba.gov. Loan applications can also be downloaded at sba.gov/disaster. 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 March 14, 2022. The deadline to return economic injury applications is Sept. 12, 2022.
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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.