SBA LOANS FOR DISASTER RECOVERY
[https://www.fema.gov/fact-sheet/sba-loans-disaster-recovery] 

 	* Long term, low-interest loans from the U.S. Small Business
Administration help many disaster survivors to return their
disaster-damaged homes or businesses to their pre-disaster condition
or better.

 

 	* Residents of Breathitt, Clay, Estill, Floyd, Johnson, Lee,
Magoffin, Martin and Powell counties in Kentucky are eligible to apply
for assistance from FEMA to help with the costs for damage and losses
caused by the severe storms, flooding, landslides and mudslides that
occurred FEB. 27 THROUGH MARCH 14.

 

 	* After you apply for disaster assistance, you may receive a letter
from FEMA referring you to SBA. Submitting an SBA disaster loan
application is a necessary step to being considered for other forms of
disaster assistance.

 

 	* FEMA assistance that may be available if you submit the SBA loan
application includes disaster-related car repairs, essential household
items and other disaster-related expenses. You do not have to accept
the loan, and it is free to apply. If you are approved for the loan
and turn it down, you have six months to change your mind and
re-activate the application if you discover additional damage or if
your insurance settlement is not enough to cover your repairs. Give
yourself the widest possible set of options. That could include an SBA
loan.

 

 	* Up to 20 percent of your verified loss total can be added to your
loan to fund mitigation improvements such as a safe room or storm
shelter.

 

 	* Interest rates are as low as 3 percent for businesses, 2 percent
for non-profits, and 1.25 percent for homeowners and renters, with
terms up to 30 years. No collateral is required for loans of $25,000
or less. There is currently an 18-month payment deferment on new
disaster loans, but interest accrues during that period.

 

 	* You may apply online using SBA’s secure website at
https://DisasterLoanAssistance.sba.gov/ela/s/. Email FOCE-Help@SBA.gov
to set up a phone appointment for assistance with your disaster loan
application.
 
 	* You may also call SBA’s Customer Service Center at 800-659-2955
or email DisasterCustomerService@sba.gov for more information on SBA
disaster assistance. The center is open 8 am. to 8 pm. ET, seven days
a week. Individuals who are deaf or hard‑of‑hearing may call
800-877-8339.

 

 	* 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
disaster-damaged personal property, including vehicles. Businesses and
non-profits may also borrow working capital.

 

 	* The filing deadline to return applications for property damage is
JUNE 22, 2021. The deadline to return economic injury applications is
JAN. 24, 2022.