Madison, Wis. -- Disaster-aid applicants who receive U.S. Small Business Administration (SBA) disaster loan applications should take the time to fill them out now- even if they don't want a loan.? Failure to fill out the SBA disaster loan application can stop the disaster-assistance process.
When an applicant is referred to the SBA, a loan application has to be completed before several federal grant programs can be considered, Federal Emergency Management Agency (FEMA) and Wisconsin Emergency Management (WEM) officials explained.
Filling out an SBA application does not guarantee an applicant will be approved for a loan or mean that the applicant must accept a loan if one is approved. ?If the loan application is declined, the case can be sent back to FEMA's grant programs.
FEMA disaster assistance covers only basic needs and will not normally cover your entire loss. If you have insurance, the disaster assistance may help pay for basic needs not covered under your insurance policy.
SBA homeowner disaster loans may be made for up to $200,000 to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged personal property. Businesses of any size and certain private non-profit organizations can borrow up to $1.5 million to repair or replace damaged real estate, machinery and equipment, inventory and other business assets.
The SBA offers Economic Injury Disaster Loans (EIDLs) to business owners to help meet working capital needs resulting from the disaster. EIDL assistance is available regardless of whether the business suffered any property damage. Interest rates are as low as 2.687 percent for homeowners and renters, and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Anyone who has registered with FEMA can obtain an SBA loan application by calling the SBA's Customer Service Center at 1-800-659-2955 Monday through Friday from 7 a.m. to 7 p.m. CDT and 7 a.m. to 4 p.m. CDT Saturday and Sunday.? Those with hearing or speech impairment can call 1-800-877-8339. Business loan applications also can be downloaded from www.sba.gov. Completed applications should be returned to a disaster recovery center or mailed to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX, 76155.
Renters, homeowners and business owners in the 29 counties listed below who suffered damage or uninsured losses as a result of the severe storms, flooding and tornadoes should register for disaster assistance online at www.fema.gov or by calling 1-800-621-FEMA (3362). The TTY number for those with speech and hearing impairment is 1-800-462-7585. Both toll-free numbers are available 24-hours-a-day until further notice. The deadline to register for FEMA disaster assistance is August 13.
Counties authorized for Individual Assistance are Adams, Calumet, Columbia, Crawford, Dane, Dodge, Fond du Lac, Grant, Green, Green Lake, Iowa, Jefferson, Juneau, Kenosha, La Crosse, Manitowoc, Marquette, Milwaukee, Ozaukee, Racine, Richland, Rock, Sauk, Sheboygan, Vernon, Walworth, Washington, Waukesha and Winnebago.
FEMA coordinates the federal government's role in preparing for, preventing, mitigating the effects of, responding to, and recovering from all domestic disasters, whether natural or man-made, including acts of terror.