SBA sets disaster loan program deadline

Submitted information

ATLANTA, Georgia — The U.S. Small Business Administration (SBA) encourages businesses of all sizes, private nonprofit organizations, homeowners and renters to apply for a disaster loan before the Aug. 19 deadline. Anyone in the declared counties in Ohio with damages caused by the severe storms, straight-line winds, tornadoes, flooding and landslides on May 27-29 should apply for the disaster recovery loan program. Additionally, to date, SBA has approved over $11.6 million in low-interest disaster loans for Ohioans. 

The disaster declaration covers Auglaize, Darke, Greene, Hocking, Mahoning, Mercer, Miami, Montgomery, Muskingum, Perry, and Pickaway counties inOhio, 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: Allen, Athens, Butler, Champaign, Clark, Clinton, Columbiana, Coshocton, Fairfield, Fayette, Franklin, Guernsey, Hardin, Licking, Logan, Madison, Morgan, Noble, Portage, Preble, Ross, Shelby, Stark, Trumbull, Van Wert, Vinton, and Warren in Ohio; Adams, Jay, Randolph, and Wayne in Indiana; and Lawrence and Mercer in Pennsylvania. 

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 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 up to $40,000 to repair or replace disaster damaged or destroyed personal property. 

Interest rates are as low as 4 percent for businesses, 2.75 percent for private nonprofit organizations, and 1.938 percent for homeowners and renters, with terms up to 30 years. The SBA customizes loan amounts and terms based on each applicant’s circumstances. 

Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage 

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at Disasterloan.sba.gov. 

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. 

Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained 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 disastercustomerservice@sba.gov. Completed applications should be returned to a recovery center or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. For more information about SBA recovery assistance, visit www.sba.gov.  

The filing deadline to submit applications for physical property damage is August 19. The deadline for economic injury applications is March 18, 2020.