Over $5 Million in SBA disaster loans approved; Deadline approaching for physical damages

ATLANTA – The U. S. Small Business Administration has approved more than $5 million in Disaster Assistance Loans for residents in Mississippi affected by the severe storms, tornadoes and flooding from April 28 through May 3, 2014. Also, the SBA reminds homeowners, renters, businesses and non-profit organizations in Mississippi that the deadline to submit a phyiscal disaster loan application is June 30, 2014.
“Currently, 74 disaster loans have been approved in the amount of $5,088,500 for affected survivors,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. “We are pleased to get these loans approved so residents in the disaster area can start to rebuild and resume their normal lives. I encourage anyone who has not submitted an SBA disaster loan application to do so as quickly as possible.”
The disaster declaration covers the counties of Itawamba, Jones, Leake, Lee, Lowndes, Madison, Montgomery, Rankin, Simpson, Warren, Wayne and Winston in Mississippi which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private non-profit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Attala, Carroll, Chickasaw, Choctaw, Claiborne, Clarke, Clay, Copiah, Covington, Forrest, Greene, Grenada, Hinds, Holmes, Issaquena, Jasper, Jefferson Davis, Kemper, Lawrence, Monroe, Neshoba, Newton, Noxubee, Oktibbeha, Perry, Pontotoc, Prentiss, Scott, Smith, Tishomingo, Union, Webster and Yazoo in Mississippi; Choctaw, Franklin, Lamar, Marion, Pickens and Washington in Alabama; East Carroll, Madison and Tensas in Louisiana.
To be considered for all forms of disaster assistance, call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362), (TTY) 800-462-7585 for the deaf and hard-of-hearing and register.
Survivors may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
Disaster loan information and application forms may also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. Loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline to return SBA applications for physical property damage is June 30, 2014. The deadline to return applications for economic injury is January 30, 2015.

Completing SBA Application Keeps the Recovery Process Moving

If disaster survivors in Mississippi apply for assistance with the Federal Emergency Management Agency and are referred to the U.S. Small Business Administration, it’s important for them to submit a loan application to assure that the federal disaster recovery process continues and they keep their options open.
FEMA and SBA encourage homeowners, renters and businesses to apply for low-interest disaster loans to help fund their losses:

  • Many survivors who register with FEMA will be contacted by the SBA. Survivors need to choose the option to receive a disaster loan application packet from SBA.
  • Survivors can submit their SBA disaster loan applications one of three ways: online at https://DisasterLoan.SBA.gov/ela, in person at a disaster recovery center or by mail.
  • Survivors should complete and return the applications as soon as possible. Filing the loan application does not obligate people to accept an SBA loan. However, failure to complete and submit the home disaster loan application may stop the FEMA grant process. Homeowners and renters who submit an SBA application and are declined a loan may be considered for certain other FEMA grants and programs that could include assistance for disaster-related car repairs, clothing household items and other expenses.
  • Next to insurance, an SBA loan is the primary funding source for real estate property repairs and replacing lost contents following a disaster like a tornado or flooding. Homeowners may be eligible for low interest loans up to $200,000 for primary residence structural repairs or rebuilding.
  • SBA can help renters replace their essential items. Homeowners and renters may be eligible to borrow up to $40,000 to repair or replace personal property, including automobiles damaged or destroyed in the disaster.
  • Keep the Federal Disaster Assistance Process Moving by Completing SBA Low-interest Disaster Loan Applications – page 2
  • Loans for businesses and private non-profit organizations are available up to $2 million to repair or replace disaster damaged real estate, and other business assets. Eligible small businesses and non-profits can apply for Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster.
  • Do not wait on an insurance settlement before returning an application. Insurance may not pay for all of the disaster-related damage. Survivors can begin their recovery immediately with an SBA disaster loan. The loan balance will be reduced by the insurance settlement.

For additional information about SBA low-interest disaster loans, contact the SBA Disaster Assistance Customer Service Center by calling 800-659-2955 or TTY 800-877-8339, emailing DisasterCustomerService@sba.gov or visiting sba.gov/disaster. SBA customer service representatives are available at ALL disaster recovery centers. Disaster recovery center locations can be found online at FEMA.gov/DRCLocator.
Disaster assistance may include money to help pay for temporary housing and essential home repairs. Low-interest SBA loans may also be available for losses not covered by insurance or other sources.