The U.S. Small Business Administration has reopened the filing period for survivors in all states affected by Superstorm Sandy to apply for low-interest disaster loans. The new filing deadline for physical damage and economic injury losses is December 1, 2016.
“The additional time for businesses, homeowners and renters to request federal disaster loans will go a long way in continuing to support the rebuilding efforts of the communities affected by Superstorm Sandy,” said SBA Administrator Maria Contreras-Sweet. “I want to thank the chairmen and ranking members of the Senate and House Small Business Committees for their leadership on this issue. We look forward to working with them to make sure the needs of small businesses are met.”
The recently approved Recovery Improvements for Small Entities (RISE) After Disaster Act of 2015 gives the SBA Administrator the authority to make disaster loans for Superstorm Sandy for a period of one year. The bill authorizes the SBA to revise the disaster deadline for major Presidential declarations for Superstorm Sandy in Connecticut, Maryland, New Jersey, New York and Rhode Island. Additionally, the SBA will be accepting applications under its related agency declarations for North Carolina, Puerto Rico, Virginia, West Virginia and certain counties in Maryland.
The SBA will open disaster centers across select counties in the affected areas and review activity levels on a continuous basis.
Businesses and private nonprofit organizations 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.
Interest rates are as low as 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Survivors may apply online using the Electronic Loan Application via the SBA’s website at: https://disasterloan.sba.gov/ela.
Additional details on the locations of recovery centers and the loan application process can be obtained by calling the SBA Customer Service Center at (800) 659-2955.
