ATLANTA – The U.S. Small Business Administration (SBA) announced today that it has expanded the incident period for the July severe storms and flooding, making additional damages eligible to be covered by an SBA low-interest disaster loan. The incident period has been expanded to cover damages incurred from July 7 through July 21, 2023. Previously, the incident period was July 7 through 17.
Private nonprofit organizations (PNP) that provide non-critical services of a governmental nature that applied for a physical disaster loan by the filing deadline of Sept. 12, 2023, and which suffered damages between July 18 and 21 can seek a modification of their open application or approved loan to provide additional funds to address the additional damages.
PNP organizations in the following Vermont counties with additional eligible damages may apply for additional funds: Addison, Bennington, Caledonia, Chittenden, Essex, Lamoille, Orange, Orleans, Rutland, Washington, Windham, and Windsor. Examples of eligible non-critical PNP organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.
PNP organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The interest rate is 2.375 percent, with terms up to 30 years.
Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements might include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future damage caused by a similar disaster.
The SBA also offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs, such as ongoing operating expenses for PNP organizations. EIDL assistance is available regardless of whether the organization suffered any physical property damage.
PNP organizations are urged to contact their county’s emergency manager to provide information about their organization. The information will be submitted to FEMA to determine eligibility for a Public Assistance grant or whether the PNP should be referred to SBA for disaster loan assistance. Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration # 18026.
Disaster loan information and application forms may 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 by sending an email toDisasterCustomerService@sba.gov. Loan applications can be downloaded from the SBA’s website 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 submit applications for physical property damage was Sept. 12, 2023. The deadline to submit economic injury applications is April 15, 2024.
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About the U.S. Small Business Administration
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.