Whitesburg KY
Clear
Clear
72°F
 

New deadline for damage loans

The U.S. Small Business Administration (SBA) has set an extended deadline of July 8 for homeowners, renters, businesses of all sizes, and private nonprofit organizations to apply for a low-interest disaster loan to cover physical damages caused severe storms, flooding, landslides and mudslides from February 27 through March 14, 2021.

In addition to Letcher County, the disaster declaration covers the southeastern Kentucky counties Breathitt, Floyd, Johnson, Knott, Lee, Leslie, Magoffin, Martin, Morgan, Owsley, and Perry, all of which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.

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 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, 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. Examples of mitigation projects to prevent future flooding may include grading and runoff improvement, anchoring outdoor fuel tanks, elevating utilities and service equipment, and installing flood vents, a flood alert system, sump pump, French drain or retaining wall.

Interest rates are as low as 3 percent for businesses, 2 percent for nonprofit organizations, and 1.25 percent for homeowners and renters, with terms up to 30 years.

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.

Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 or by emailing Disaster- CustomerService@sba.gov. Loan applications can also be downloaded at sba.gov/ disaster. Mail applications to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Leave a Reply