Keep Your Options Open by Submitting an SBA Application Today
JACKSON, Miss. – (RealEstateRama) — Mississippi storm and flood survivors who received a U.S. Small Business Administration loan application should keep their options open by completing the application and submitting it on or before May 24, 2016.
Residents in all 16 disaster designated counties who received damage to their homes or businesses as a result of the storms and flooding that began March 9 may be eligible for loans up to $200,000 for homeowners and up to $2 million for businesses of all sizes and private non-profit organizations. Homeowners and renters also may be eligible for up to $40,000 to repair or replace personal property.
While SBA’s up to 30-year low-interest disaster loans represent the major source of federal funding for recovery, the application itself may open the door to other FEMA grant programs. People who do not qualify for an SBA loan may be eligible for other FEMA grants.
Here are some key points to consider:
- Completing and returning a loan application can be done in one of three ways: in person at a Disaster Recovery Center, online at https://disasterloan.sba.gov/ela or by mail.
- Filing the loan application does not obligate people to accept the loan and there is no cost to apply for an SBA loan.
- Homeowners may be eligible for loans with interest rates as low as 1.813 percent for repair or replacement of their primary residences. In some instances, SBA can refinance all or part of an existing mortgage. Interest rates for business loans may be as low as 4 percent.
- Eligible small businesses and non-profits can also apply for Economic Injury Disaster Loans (EIDL) for up to $2 million to help meet working capital needs caused by the disaster. The deadline for applying for EIDL is Dec. 27, 2016.
- Do not wait for an insurance settlement before applying. Insurance may not pay for all of the damage. Survivors can begin their recovery immediately with an SBA disaster loan. The eligible loan amount will be reduced by any insurance settlements.
For more information about SBA low-interest disaster loans, contact the SBA’s Customer Service Center at 800-659-2955, or TTY 800-877-8339, email disastercustomerservice (at) sba (dot) gov or at www.sba.gov/disaster. SBA customer service representatives are available at all disaster recovery centers. Centers can be found online at www.FEMA.gov/DRClocator.
Individuals and businesses in the designated counties can begin the disaster assistance process by registering online at DisasterAssistance.gov or by calling 800-621-3362; TTY 800-462-7585; 711 Video Relay Service (VRS), call 800-621-3362. Helpline hours are 7 a.m. to 10 p.m. local time, seven days a week until further notice.
For more information on Mississippi’s flood recovery, go to fema.gov/disaster/4268 or visit the Mississippi Emergency Management Agency site at msema.org.
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FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.
Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 800-621-FEMA (3362). If you are deaf, hard of hearing or have a speech disability and use a TTY, call 800-462-7585 directly; if you use 711 or Video Relay Service (VRS), call 800-621-3362.
FEMA’s temporary housing assistance and grants for public transportation expenses, medical and dental expenses, and funeral and burial expenses do not require individuals to apply for an SBA loan. People who are referred to SBA by FEMA will be contacted by SBA and provided options for the application process. Completed applications must be submitted to SBA to be eligible for assistance that covers personal property, vehicle repair or replacement, and moving and storage expenses.
