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Deadline approaching for SBA assistance to storm victims

A tornado passes near Barnes Crossing Mall in Tupelo during the statewide outbreak of April 28. Recovery and rebuilding has begun, but will likely take years to complete.

A tornado passes near Barnes Crossing Mall in Tupelo during the statewide outbreak of April 28. Recovery and rebuilding has begun, but will likely take years to complete.

ACROSS MISSISSIPPI — The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations in Mississippi of the deadline to submit disaster loan applications for damages caused by the severe storms, tornadoes, and flooding between April 28-May 3.

The deadline to apply for a physical damage disaster loan is June 30.

The SBA encourages residents and business owners to go ahead and apply for an SBA disaster loan even if they have not settled with their insurance company.

“Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, and survivors may miss the application deadline. Submitting the loan application is an essential part of the disaster recovery process.” said Frank Skaggs, director of SBA Field Operations Center East.

If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.

Low-interest disaster loans are available in Itawamba, Jones, Leake, Lee, Lowndes, Madison, Montgomery, Rankin, Simpson, Warren, Wayne and Winston in Mississippi, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private  non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Attala, Carroll, Chickasaw, Choctaw, Claiborne, Clarke, Clay, Copiah, Covington, Forrest, Greene, Grenada, Hinds, Holmes, Issaquena, Jasper, Jefferson Davis, Kemper, Lawrence, Monroe, Neshoba, Newton, Noxubee, Oktibbeha, Perry, Pontotoc, Prentiss, Scott, Smith, Tishomingo, Union, Webster and Yazoo.

Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.  Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property. Businesses and non-profit organizations of any size may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business suffered any physical property damage.

Interest rates are as low as 2.188 percent for homeowners and renters, 2.625 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.  The SBA sets the loan amounts and terms based on each applicant’s financial condition.

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

Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Loan applications can be downloaded from www.sba.gov/disaster.  Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is June 30. The deadline to return economic injury applications is Jan. 30, 2015.

 

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