Flood aid still available through Small Business Administration – The Tribune
Flood assistance is still available through the Small Business Administration
Posted 3:31 p.m. on Tuesday, September 27, 2022
Helpdesk closes Thursday, requests can still be made online
WASHINGTON – Businesses and residents of Ohio and West Virginia affected by severe storms and flooding on May 6 are eligible to apply for low-interest disaster loans from US Small Business Administration.
But if they have to apply to the office in Huntington, West Virginia, they’ll have to hurry because the office closes Thursday. Residents and businesses will still be able to apply online or by phone until November.
SBA Administrator Isabella Casillas Guzman made the loans available in response to a September 13 letter from West Virginia Governor Jim Justice requesting a disaster declaration by the SBA. Businesses and residents in the declared area can now apply for low-interest disaster loans from the SBA. The statement covers Cabell County and adjacent Lincoln, Mason, Putnam, and Wayne counties in West Virginia; and Gallia and Lawrence in Ohio.
“The SBA is firmly committed to providing the people of West Virginia with the most efficient and customer-focused response possible to help businesses of all sizes, homeowners and tenants with federal disaster loans. “, Guzman said. “Getting businesses and communities back up and running after a disaster is our top priority at SBA.”
To help disaster-affected businesses and residents, the SBA opened a Disaster Loan Outreach Center (DLOC) in Huntington, West Virginia. It is located at Enslow Park Presbyterian Church, 1338 Enslow Blvd., Huntington, West Virginia. It is open from 8 a.m. to 5 p.m. and will be permanently closed on Thursdays.
Customer service representatives will be available at DLOC to answer questions about the disaster loan program and assist individuals with their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect public health and safety. All DLOC visitors are encouraged to wear a face covering.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers Economic Disaster Loans (EIDLs) to help meet capital needs. turnover caused by the disaster. Economic disaster loan assistance is available whether or not the business has suffered property damage.
“Loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed property. Homeowners and tenants are eligible for loans of up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, director of SBA’s Field Operations Center East in Atlanta.
Applicants may be eligible for an increase in the loan amount of up to 20% of their physical damage, as verified by the SBA for mitigation purposes. Eligible mitigation upgrades may include a security room or storm shelter, sump pump, French drain, or retaining wall to help protect property and occupants from future damage from a similar disaster .
Interest rates are as low as 2.935% for businesses, 1.875% for nonprofits, and 1.688% for homeowners and tenants, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial situation.
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoanAssistance.sba.gov/ela/s and should apply under SBA statement #17624.
The deadline for filing property damage return claims is November 14, 2022. The deadline for returning economic injury claims is June 15, 2023.
Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech impediment , please dial 7-1-1 to access telecommunications relay services) or by emailing [email protected] Loan applications can also be downloaded from sba.gov/disaster.
Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.