Financial

SBA disaster loan application deadline extended to September 30

[ad_1]

The US Small Business Administration has extended until September 30, 2020 the deadline for businesses of all sizes, private nonprofits, landlords and tenants to apply for a disaster loan.

Anyone living in Midland, Arenac, Gladwin, Iosco and Saginaw counties who suffered physical damage from severe storms and floods in May can apply for a low interest disaster loan for physical or economic damage through the SBA.

Small businesses and most private non-profit organizations in the following counties can only apply for economic disaster loans: Alcona, Bay, Clare, Genesee, Gratiot, Isabella, Ogemaw, Oscoda, Roscommon, Shiawassee, and Tuscola.


The deadline for returning property damage claims is September 30, 2020. The deadline for returning loan claims for economic damage is April 9, 2021.


The SBA’s Virtual Disaster Loan Outreach Center is open seven days a week from 8 a.m. to 8 p.m. EST, online at [email protected] or by phone at 800-659-2955.

These services are not available for assistance related to COVID-19.

Flood survivors should contact an SBA Disaster Assistance Professional at 800-659-2955 to make an appointment and get immediate one-on-one assistance to complete their claims.

Inquiries about the SBA Disaster Loan Program can be obtained by emailing [email protected] The SBA will conduct a massive awareness campaign to ensure that everyone affected by the disaster has the opportunity to ask for help.

Businesses and private nonprofits of any size can borrow up to $ 2 million to repair or replace real estate, machinery and equipment, inventory and other business assets damaged or destroyed by a disaster. .

Applicants may be eligible for an increase in the loan amount up to 20% of their physical damage, as verified by the SBA for mitigation purposes. Qualifying mitigation upgrades may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect the property and occupants from future damage from a similar disaster.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations, the SBA offers economic disaster loans to help meet the working capital needs caused. by disaster.

Disaster loans up to $ 200,000 are available to homeowners to repair or replace real estate damaged or destroyed by a disaster. This includes isolated structures and other property improvements, such as wells and septic tanks.

Homeowners and tenants are entitled to up to $ 40,000 to repair or replace personal property damaged or destroyed by a disaster.

Interest rates are as low as 3% for businesses, 2.75% for nonprofits, and 1.25% for landlords and tenants with terms of up to 30 years. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.

Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at https://DisasterLoanAssistance.sba.gov/.

To be considered for all forms of disaster assistance, applicants must register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is not available, applicants should call the FEMA toll-free helpline at 800-621-3362. Those using 711 relay or video relay services should call 800-621-3362.

Businesses and individuals can also obtain information and loan applications 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 [email protected]

Loan applications can also be downloaded from www.sba.gov. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

– Processed by Dan Chalk/[email protected]

[ad_2]