The Federal Emergency Management Agency (FEMA) and the U.S. Small Business Administration (SBA) are strongly urging New Yorkers who have applied for disaster aid to complete and return their SBA loan applications. To date, SBA has approved more than $43 million in low-interest disaster loans for New Yorkers who suffered damage from Hurricane Irene and Tropical Storm Lee.
The deadline to apply for SBA disaster assistance loans for Hurricane Irene is Oct. 31. The SBA application deadline for Tropical Storm Lee is Nov. 14. SBA disaster loans are the primary source of long-term recovery aid. The application provides necessary information for determining assistance for each applicant. If SBA is unable to approve a loan, the applicant may be automatically referred to other disaster aid programs.
The SBA low-interest disaster loans are available to qualified renters, property owners, non-profit organizations, and businesses of any size that suffered losses due to the disaster. These loans are designed for disaster survivors not fully covered by insurance or without insurance. Anyone waiting for action from their insurance company is urged to apply – applications can be processed while you are waiting.
Loans can provide money for relocation, refinancing and mitigation projects to reduce the risk of further flood damage. Anyone denied an SBA loan has the right to ask for reconsideration. In many cases, SBA can, on further review, reverse such a decision. For more information, call the SBA at 1-800-659-2955 or visit the SBA web site at http://www.sba.gov.