New York Assemblyman Fred W. Thiele, Jr. reminded his constituents Tuesday that the U.S. Small Business Administration (SBA) has reopened filing of federal disaster loan applications for survivors of Superstorm Sandy. This extended period is open until December 1, 2016.
The low-interest loans are available to homeowners, renters, small businesses, and most non-profit organizations that are located in New York State. Survivors of the storm that are in need of financial support should apply for a loan whether or not they submitted an application in the initial period.
The loan amount can be up to $2 million for businesses. Homeowners are eligible for up to $200,000 for any repairs or replacements to damaged real estate. Renters and Homeowners are eligible for $40,000 for any repairs or replacements of personal property. Interest rates are as low as 4 percent for businesses, 3 percent for non-profit organizations, and 1.688 percent for homeowners and renters with terms for up to 30 years.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at disasterloan.sba.gov/ela.
Information on the locations of recovery centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to email@example.com.
Loan applications can be downloaded from 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 filing deadline to return applications for physical property damage and for economic injury is December 1, 2016.