NASHVILLE, Tenn. -- Survivors of the spring storms, tornadoes and flooding must return loan applications to the U.S. Small Business Administration by Aug. 9 or they may disqualify themselves for federal disaster assistance.
Even those who do not want a loan must meet the August deadline if they wish to receive other types of aid.
Most people receive an SBA disaster loan application after they register for assistance with the Federal Emergency Management Agency. These loans are not only for businesses of all sizes, but also for disaster-affected homeowners and renters.
Here are some good reasons for Tennesseans to return their SBA applications by Aug. 9:
- A full range of disaster-assistance options will be kept open.
- A future insurance settlement could fall short. Homeowners may discover they were underinsured for the amount it takes to repair or replace a damaged home. An SBA low-interest disaster loan can cover such uninsured costs up to $200,000. By submitting their applications on time, homeowners may have loan money available if and when it is needed.
- SBA loans can help replace essential items. Homeowners and renters alike may borrow up to $40,000 to repair or replace furniture, appliances, cars and clothing damaged or destroyed in the disaster.
- Businesses of any size and private nonprofit organizations can benefit, too. They may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery, equipment, inventory and other assets.
More than $9.7 million in low-interest SBA disaster loans to Tennesseans has been approved since May 1.
For more information, call 800-659-2955 or go online to www.sba.gov.
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). For TTY call 800-462-7585.
FEMA's housing assistance and Other Needs Assistance grants for medical, dental, and funeral expenses do not require individuals to apply for an SBA loan. However, applicants who receive SBA loan applications must submit them to SBA loan officers to be considered for assistance that covers personal property, vehicle repair or replacement, and moving and storage expenses. Applicants who do not qualify for a SBA loan may be eligible to receive Other Needs Assistance grants for these items.
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.