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The U. S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace uninsured/underinsured disaster damaged property. SBA disaster loans offer an affordable way for individuals and businesses to recover from declared disasters.
November 30 is the final day to register for assistance from the Federal Emergency Management Administration (FEMA). The deadline was extended one month past the original October 24 deadline, and recently extended again until November 30. November 24 is the deadline to apply for a disaster recovery loan from the Small Business Administration Disaster Assistance program.
Any small business and most private non-profits that have suffered substantial economic injury, regardless of physical damage, and are in a declared disaster area may be eligible for an Economic Injury Disaster Loan (EIDL). The EIDL is a working capital loan and cannot be used to repair, replace or purchase physical assets. The deadline for EIDL loans is May 25, 2018.
If the business is in a special flood hazard area, it must have flood insurance before SBA can disburse a loan. If the business was legally required to maintain flood insurance but did not, SBA will not make a disaster loan.
Only businesses and private nonprofits that are unable to obtain credit elsewhere can receive EIDLs. The SBA can provide up to $2 million in disaster assistance to a business. This loan cap includes both economic injury and physical damage assistance. The interest rate on EIDLs cannot exceed 4 percent per year. The term of these loans cannot exceed 30 years.
SBA tries to make a decision on each application within 21 days. After the request is approved, SBA will notify the applicant of documents that the business needs to submit. SBA provides the money in installments, as it is needed.
Visit harvey.cityoflamarque.org for resources from American Red Cross, FEMA, Texas Rebuilds and SBA.