Maryland businesses and residents affected by Superstorm Sandy on Oct. 26 through Nov. 2, 2012 have more time to request low-interest disaster loans from the U.S. Small Business Administration. The new deadline to submit applications for physical damage and economic injury losses is Dec. 1, 2016.
The filing period was reopened for SBA disaster loans effective Dec. 2, following the recently approved Recovery Improvements for Small Entities (RISE) After Disaster Act of 2015. This Act allows those affected by Superstorm Sandy another opportunity to apply for low-interest disaster loans to recover from the effects of the storm.
The declaration covers the following counties: Dorchester, Somerset, Wicomico, Worcester in Maryland; the contiguous county of Sussex in Delaware; and the contiguous county of Accomack in Virginia.
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
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.
Interest rates are as low as 4 percent for businesses, 3 percent for nonprofit organizations, and 1.688 percent for homeowners and renters with terms up to 30 years. Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Some improvements now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and
hard-of-hearing), or by emailing email@example.com. Loan applications can also be downloaded at www.sba.gov/disaster. Completed applications should be returned to the center or 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 Dec. 1, 2016. The deadline to return economic injury applications is Dec. 1, 2016.
For more information about the SBA’s Disaster Loan Program, visit their website at www.sba.gov/disaster.