Deadline to Apply for Physical Damages Approaching in Mississippi; More than $10 Million in SBA Disaster Loans Approved

ATLANTA – The U.S. Small Business Administration (SBA) encourages businesses and residents of Mississippi with damage from the severe storms, straight-line winds and tornadoes on March 24-25 to apply to the federal disaster loan program before the May 25 deadline. As of April 27, SBA had approved 130 disaster loans for a total of $11,776,400 for businesses, homeowners and renters in Mississippi.    

“After visiting Mississippi and seeing firsthand the devastation caused by the March tornadoes, my heart goes out to Mississippians affected by this disaster,” said Francisco Sánchez, Jr., Associate Administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration. “I want to assure you that we are fully committed to providing the necessary resources to support recovery efforts. With the $10 million milestone for the state’s disaster declaration approaching rapidly, time is of the essence. I urge all eligible homeowners, renters, businesses, and non-profits to take advantage of the SBA’s disaster loan program. Let’s work hand in hand to ensure no one is left behind in our efforts to rebuild Mississippi stronger and more resilient than ever.”

“Over a month after this disaster which devastated so many of our Mississippi communities, SBA has been working diligently to help the people of Mississippi, who unfortunately were impacted, to begin the recovery and restoration process. Reaching the $10 million milestone in SBA loans is noteworthy, and at the same time, we all know there is much more work to be done,” says Janita R. Stewart, SBA Mississippi District Director.

The disaster declaration covers Carroll, Humphreys, Montgomery, Monroe, Panola and Sharkey counties 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 (EIDLs): Attala, Chickasaw, Choctaw, Clay, Grenada, Holmes, Issaquena, Itawamba, Lafayette, Lee, Leflore, Lowndes, Quitman, Sunflower, Tallahatchie, Tate, Tunica, Washington, Webster, Yalobusha and Yazoo in Mississippi; and Lamar and Marion in Alabama.  

Disaster survivors with insurance should not wait for their settlement before applying to the SBA. The SBA can make a loan for the total loss and use insurance proceeds to reduce or repay the loan. 

“Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, and survivors may miss the application deadline. Submitting the loan application is an essential part of the disaster recovery process,” said Kem Fleming, director of SBA Field Operations Center East. 

SBA’s friendly Customer Service Representatives can answer questions about the Disaster Loan Program, assist survivors with inputting their application, and upload documents. The BRC and PLOC will be open as indicated below: 

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 (EIDLs) 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 for up to $40,000 to repair or replace disaster-damaged or destroyed personal property. 

Interest rates are as low as 4 percent for businesses, 2.375 percent for nonprofit organizations, and 2.375 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 # 17836. 

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.  

Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from 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 May 25, 2023. The deadline to return economic injury applications is Dec. 26, 2023. 

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About the U.S. Small Business Administration  

Recently, U.S. SBA Administrator Isabella Casillas Guzman announced a policy change granting 12 months of no payments and 0 percent interest. This policy change will benefit disaster survivors and help them to decrease the overall cost of recovery by reducing the amount of accrued interest they must repay. Details are available through the SBA Disaster Assistance Customer Service Center at 800-659-2955. Individuals with verbal or hearing impairments may dial 7-1-1 to access telecommunications relay services from 8 a.m. to 8 p.m. ET, Monday to Friday, or email: DisasterCustomerService@sba.gov. 

The U.S. Small Business Administration helps power the American dream of business ownership. 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.