SBA Disaster Loan Application Deadline Nears For Tennessee April Tornado; Virtual Disaster Loan Outreach Center Closed On Memorial Day
Wednesday, May 20, 2020
The U.S. Small Business Administration encourages businesses of all sizes, private nonprofit organizations, homeowners and renters to apply for a disaster loan before the June 23 deadline. Anyone in the declared counties in Tennessee with damages caused by severe storms, tornadoes, straight-line winds and flooding on April 12-13 should apply for the disaster recovery loan program.
In observance of the Memorial Day holiday, SBA’s Virtual Disaster Loan Outreach Center/Business Recovery Center (VDLOC/VBRC) will be closed on Monday and will resume operations on Tuesday.
These services are only available for the Tennessee disaster declaration as a result of the severe storms, tornadoes, straight-line winds and flooding on April 12-13 and not for COVID-19 related assistance.
The disaster declaration covers Bradley and Hamilton counties in Tennessee which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Bledsoe, Marion, McMinn, Meigs, Polk, Rhea and Sequatchie in Tennessee; and Catoosa, Dade, Murray, Walker and Whitfield in Georgia.
Businesses and private nonprofit organizations may borrow up to $2 million 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. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 3.75 percent for businesses, 2.75 percent for private nonprofit organizations, and 1.563 percent for homeowners and renters, with terms up to 30 years. The SBA customizes loan amounts and terms based on each applicant’s circumstances.
Survivors should contact the Disaster Assistance Professionals at 571-422-1925 or 571-422-6016 or 404-909-1535 to schedule an appointment for immediate one-on-one assistance in completing their applications. Requests for SBA disaster loan program information may be obtained by emailing FOCE-Help@sba.gov. The SBA will conduct extensive outreach to ensure that all impacted by the disaster are afforded the opportunity to seek assistance.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloanassistance.sba.gov/.
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing firstname.lastname@example.org. Loan applications can also be downloaded at www.sba.gov. 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 is June 23. The deadline to return economic injury applications is Jan. 25, 2021.