ATLANTA – The Federal Agency for Small Business Administration (SBA) urged businesses and residents of Puerto Rico affected by the severe storms and floods of September 13, 2020, to submit their loan application on Monday. for physical damage, until January 4, 2021, even if they have not reached an agreement with your insurance company.
If a survivor has not resolved their insurance claim, the SBA will consider making a loan for their total loss up to the stated loan limits.
The insurance agreement will be used to reduce or repay the loan.
“Waiting to submit an SBA application could cause unnecessary delays in receiving disaster assistance, and survivors could miss the application deadline. Submitting the loan application is an essential part of the disaster recovery process, ”Michael Lampton, Acting Director of the SBA East Field Operations Center, said in a written statement.
The disaster declaration covers the municipality of Arecibo, which is eligible to receive SBA financial and physical injury disaster loans.
Small businesses and most private non-profit organizations in the following adjacent municipalities are eligible to apply only for SBA Economic Injury Disaster Loans: Barceloneta, Ciales, Florida, Hatillo and Utuado in Puerto Rico.
Businesses and private nonprofits of any size can borrow up to $ 2 million to repair or replace real estate, machinery and equipment, inventory and other business assets damaged or destroyed by the disaster.
Applicants may be eligible for a loan amount increase of 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 the property and its occupants from future damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small aquaculture businesses, and most private non-profit organizations, the SBA offers economic damage disaster loans to help meet working capital needs. caused by the disaster.
Disaster Economic Damage Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans of up to $ 200,000 are available for homeowners to repair or replace real property damaged or destroyed by the disaster.
Homeowners and renters are eligible for up to $ 40,000 to repair or replace personal property damaged or destroyed by the disaster.
Interest rates are as low as 3 percent for businesses, 2.75 percent for nonprofits, and 1,188 percent for homeowners and renters with terms of up to 30 years.
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoan.sba.gov.
To be considered for all forms of disaster assistance, applicants must register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is not available, applicants should call FEMA’s toll-free helpline at 800-621-3362 or (TTY) 800-462-7585. There are multilingual operators available.
Survivors should contact the SBA Customer Service Center at (800) 659-2955 for assistance in completing their loan applications. Requests for information about the SBA loan program can be obtained by sending an email to [email protected] The SBA will conduct extensive outreach to ensure that people affected by the disaster have the opportunity to apply for assistance.
Businesses and individuals can also obtain information and loan applications by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the hearing impaired), or by sending a email to [email protected]
Loan applications can also be downloaded at www.sba.gov. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for submitting applications for damage to physical property is January 4, 2021. The deadline for submitting applications for economic damages is August 5, 2021.