PELHAM, Ala. -- Disaster survivors who return their U.S. Small Business Administration disaster loan application won’t miss out on the chance to cover all of their recovery costs.
Some survivors want to avoid borrowing to cover disaster-related expenses, but additional costs can arise down the road leaving them without enough money to pay for these extras.
Additional financial gaps that may occur include:
- Insurance not covering all repair or rebuilding costs;
- Discovering disaster-related damage costs are more than the initial estimate;
- Finding additional damages; and
- Covering damages through the SBA until insurance is paid.
Survivors are not obligated to accept a loan if one is offered, but by returning their SBA disaster loan applications the choice is there. Completed applications also open the door for additional grants. However, these possibilities will be gone if survivors do not return their applications by April 2, 2012.
Homeowners can receive loans up to $200,000 to repair or replace their primary residences. They may also borrow up to $40,000 to replace damaged or destroyed personal property including vehicles. Renters can also apply to cover damaged personal property. Business owners can apply for loans covering physical damage and economic injury caused by the disaster.
Disaster loans with rates as low as 2.063 percent are available in Chilton, Jefferson and Perry counties, which were designated for Federal Emergency Management Agency individual assistance following the Jan. 22-23 storms and tornadoes.
Survivors can call the SBA toll free at 800-659-2955 or (800-877-8339 TTY). They can also apply online at SBA’s secure website, DisasterLoan.SBA.gov/ELA.
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 have a speech disability or hearing loss 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. However, applicants who receive SBA loan applications must submit them to SBA loan officers to be eligible for assistance that covers personal property, vehicle repair or replacement, and moving and storage expenses.
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.