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It’s Important to Return SBA Loan Application

Release date: 
March 24, 2020
Release Number: 
FEMA-4476-DR NR 012

NASHVILLE – After you apply for disaster assistance from FEMA, you may be referred to the U.S. Small Business Administration (SBA). If you receive an SBA disaster loan application, you should fill it out and return it.

If your application is approved, you are not obligated to accept an SBA loan. But failure to return the application will disqualify you from other possible FEMA assistance, such as disaster-related car repairs, clothing, household items and other expenses.

SBA loans are the largest source of federal disaster recovery funds for survivors. In planning your recovery, give yourself the widest possible set of options. Submitting the application makes it possible for you to be considered for additional grants, and if you qualify for a loan you will have that resource available if you choose to use it.

Applicants may apply online using SBA’s secure website at Disasterloan.sba.gov. Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

Businesses may borrow up to $2 million for any combination of property damage or working capital. Homeowners may borrow up to $200,000 from SBA to repair or replace their primary residence. Homeowners and renters may borrow up to $40,000 to repair or replace personal property.

The filing deadline to return applications for property damage is May 4, 2020. The deadline to return working capital applications is Dec. 7, 2020.

For more information on Tennessee recovery, visit the disaster web page, www.fema.gov/disaster/4476 and the Tennessee Emergency Management Agency website, www.tn.gov/content/tn/tema.html.

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FEMA’s mission is helping people before, during, and after disasters.

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 800-621-3362. For TTY call 800-462-7585.

FEMA’s temporary housing assistance and grants for medical and dental expenses, 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.

The U.S. Small Business Administration is the federal government’s primary source of money for the long-term rebuilding of disaster-damaged private property. SBA helps businesses of all sizes, private nonprofit organizations, homeowners and renters fund repairs or rebuilding efforts and cover the cost of replacing lost or disaster-damaged personal property. For more information, applicants may contact SBA’s Disaster Assistance Customer Service Center at 800-659-2955. TTY users may also call 800-877-8339. Applicants may also email disastercustomerservice@sba.gov or visit SBA at www.SBA.gov/disaster.

Last Updated: 
March 24, 2020 - 16:11