June 21, 2016
Small Business Administration Disaster Loan Application Deadlines Nears
Two important deadlines are ahead for Texans who are considering a loan through the U.S. Small Business Administration for recovery from the April storms and flooding.
Most survivors who registered with FEMA for disaster assistance were contacted by the SBA with information on the agency's loan-interest disaster loans, as well as instructions on how to complete the loan application.
The deadline to submit the application for physical damage is June 24, 2016. The deadline for businesses to submit a loan application for economic injury is Jan. 25, 2017.
The SBA is the federal government's primary source of money for the long-term rebuilding of disaster-damaged private property, offering low-interest disaster assistance loans to businesses of all sizes, private nonprofit organizations, homeowners and renters.
Survivors may apply online using the electronic loan application via SBA's secure website at disasterloan.sba.gov/ela.
Disaster loan information and application forms are also available from SBA's customer service center by calling 800-659-2955 or emailing firstname.lastname@example.org. Individuals who are deaf or hard-of-hearing may call 800-877-8339. For more disaster assistance information or to download applications, visit sba.gov/disaster.
Completed applications should be mailed to:
U.S. Small Business Administration
Processing and Disbursement Center
14925 Kingsport Rd.
Fort Worth, TX 76155
SBA loan applications should be submitted even as disaster survivors await an insurance settlement. The loan balance is reduced by the settlement. SBA loans may also be available for losses not covered by insurance.
Both FEMA and the SBA encourage Texans who suffered damage or loss from the April storms and were provided a loan application to complete the application. There is no obligation to take a loan if offered. If approved, and a survivor does not accept the loan, it may make them ineligible for additional federal assistance.
- Homeowners may borrow up to $200,000 from SBA to repair or replace their primary residence.
- Homeowners and renters may borrow up to $40,000 to repair or replace personal property.
- Businesses may borrow up to $2 million for any combination of property damage or economic injury. SBA offers low-interest working capital loans-called Economic Injury Disaster Loans-to small businesses and most private nonprofit organizations of all sizes.