SBA extends application deadline for Superstorm Sandy disaster assistance

THE U.S. Small Business Administration has reopened the filing period for survivors in all states, including Rhode Island, affected by Superstorm Sandy to apply for low-interest disaster loans.
THE U.S. Small Business Administration has reopened the filing period for survivors in all states, including Rhode Island, affected by Superstorm Sandy to apply for low-interest disaster loans.

PROVIDENCE – The U.S. Small Business Administration has reopened the filing period for survivors in all states, including Rhode Island, affected by Superstorm Sandy to apply for low-interest disaster loans.

The new filing deadline for physical damage and economic injury losses is Dec. 1.

“The additional time for businesses, homeowners and renters to request federal disaster loans will go a long way in continuing to support the rebuilding efforts of the communities affected by Superstorm Sandy. … To date, we have approved $2.5 billion dollars in loan assistance to more than 37,000 individuals and businesses affected by Sandy,” Maria Contreras-Sweet, administrator of the U.S. Small Business Administration, said in a statement.

In December, Congress passed, and the president signed into law, the Recovery Improvements for Small Entities After Disaster Act of 2015, giving the SBA administrator the authority to make disaster loans for Superstorm Sandy for a one-year period.
The bill authorized SBA to revise the disaster deadline for major presidential declarations for Sandy in Connecticut, Maryland, New Jersey, New York and Rhode Island.

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Up to $2 million may be borrowed by businesses and private nonprofit organizations to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. This assistance is available whether or not the business suffered any physical property damage.
Up to $200,000 in disaster loans are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster damaged or destroyed personal property.

Interest rates range from 1.688 percent for homeowners and renters, to 3 percent for nonprofit organizations and 4 percent for businesses with terms up to 30 years. The SBA sets loan amounts and terms based on each applicant’s financial condition.
Survivors may apply online using the Electronic Loan Application via SBA’s secure website at disasterloan.sba.gov/ela.
For information, call the SBA Customer Service Center at (800) 659-2955 ((800) 877-8339 for the deaf and hard-of-hearing) or send an email to disastercustomerservice@sba.gov.

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