ATLANTA – The U.S. Small Business Administration (SBA) announced today the addition of more Mississippi counties to the disaster declaration for severe storms, straight-line winds and tornadoes that occurred March 24-25, giving more Mississippi businesses and residents eligibility to apply for SBA’s low-interest disaster loan program.
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.
SBA’s friendly Customer Service Representatives can answer questions about the Disaster Loan Program, assist survivors with inputting their application, and upload documents. The PLOC will be open as indicated below:
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SBA Portable Loan Outreach Center (PLOC) Sharkey County South Delta High School (parking lot) Hours: Monday to Sunday, 9 a.m. to 6 p.m. |
Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the DLOC are encouraged to wear a face mask.
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.