In the wake of a disaster, the United States Small Business Administration (SBA) offers low interest loans to help homeowners, renters and businesses of all sizes repair or replace uninsured property lost or damaged as a result of a disaster. Small businesses may also be eligible for financial assistance to recover from business interruptions that result from the storm. When businesses and homeowners are trying to rebuild, they do not have time for government red tape and bureaucratic hurdles. The Committee's priority is to make sure this assistance reaches disaster victims in a timely manner in the least burdensome way possible. SBA currently offers the following programs:
Physical Disaster Loans:
Homeowners and renters that suffer damage in a declared disaster area are eligible for loans of up to $200,000 to replace their primary residence or restore it to its predisaster condition. Businesses of all sizes suffering damage in a declared disaster area may apply for assistance of up to $2 million.
Economic Injury Disaster Loan:
Small businesses that suffer substantial economic injury and are located in a declared disaster area are eligible for SBA assistance. Loan funds can be used for working capital until normal operations can resume. The maximum loan amount is $2 million.
To find out more about the SBA disaster assistance program, please visit the SBA Website at www.sba.gov/disaster or read the Committee's memo on SBA Disaster Assistance Programs. To apply for assistance, storm victims should sign-up with the Federal Emergency Management Agency (FEMA) at www.disasterassistance.gov. If you have any questions about the SBA disaster assistance programs, please contact Andy Guggenheim, Counsel for the Committee at (202) 225-5821.