Community DevelopmentNews

Time Running Short to Apply for SBA Assistance from February Storms and Tornadoes

By May 19, 2020No Comments

Just three weeks remain for survivors of the February 6-7 storms and tornadoes to apply for low-interest loan assistance to repair, rebuild and recover. The deadline to submit an application for a disaster loan to help with uninsured or under-insured physical losses is Friday, June 5, 2020.

Homeowners, renters, businesses and nonprofit organizations with physical damage from the storms that struck Spartanburg and the surrounding area are eligible to apply for loan assistance from the U.S. Small Business Administration (SBA). Loan funds can be used to repair or replace disaster-damaged personal property for homeowners and renters, and damaged real estate for homeowners and business owners.

Businesses can also use loan funds to repair or replace other damaged or destroyed business assets including inventory, machinery and equipment, furniture and fixtures, and leasehold improvements. In addition, Economic Injury Disaster Loans are available to small businesses to provide the working capital needed to keep ongoing business obligations current until things return to normal.

Interest rates can be as low as 1.563% for homeowners and renters, 2.75% for nonprofit organizations, and 3.75% for businesses.  Repayment terms can extend as long as 30 years.

In keeping with health precautions for the COVID-19 pandemic, SBA does not have a field presence but has established a Virtual Disaster Loan Outreach Center to help survivors apply online. Survivors can file an Electronic Loan Application via the SBA’s secure website at https://DisasterLoanAssistance.sba.gov. There are also virtual customer support representatives who can assist applicants in completing their online application.

The Virtual Disaster Loan Outreach Center is open Monday-Friday from 8 a.m. to 5 p.m. It is closed Saturday and Sunday. Applicants needing assistance can contact a customer support representative at FOCE-Help@sba.gov, or by calling 404-909-1535 or 571-422-1925.

More information and loan applications can also be obtained by calling 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing). Applications for physical property damage must be filed by June 5, 2020.

This post is an update to a press release from the SBA released in April 2020. View the original press release here, or download a handy SC Fact Sheet.

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