Individuals and Business Owners are Urged to Return SBA Applications
Release Date: June 8, 2007
Release Number: 1694-046
» More Information on New Jersey Severe Storms and Inland and Coastal Flooding
PISCATAWAY, N.J. -- Homeowners, renters and business owners who were issued a U.S. Small Business Administration (SBA) disaster loan application as a result of the April nor'easter storm, should complete and return the application as quickly as possible, SBA officials said today. This will ensure that individuals will be considered for other types of disaster assistance after SBA makes a decision on the loan request.
Any resident of the designated counties who suffered loss from the storms and flooding should register for assistance with the U.S. Department of Homeland Security's Federal Emergency Management Agency (FEMA). Residents may register by calling 1-800-621-FEMA (3362), TTY 1-800-462-7585, or online at www.fema.gov. The deadline to apply for assistance is June 25.
After registering for disaster assistance with FEMA, most individuals will receive an SBA application for a low-interest disaster loan. SBA low-interest disaster loans help cover the costs of repairing damaged or destroyed real estate and personal property. The deadline to return loan applications to the SBA is June 25.
"We strongly urge you to submit your application as quickly as possible. Even if you are not sure that you will qualify for a loan, you must complete and return your SBA application in order to be eligible for referral to other disaster assistance programs," said Peter Martinasco, federal coordinating officer. "The sooner you return your application, the sooner we can help you," he added.
If SBA is unable to assist a disaster victim with all of their disaster losses, SBA may refer the applicant to other assistance programs, such as FEMA's Other Needs Assistance program. However, SBA cannot refer an individual to any other program without first making a decision on the application.
"We want to make sure that every disaster victim remains eligible for help from all federal and state assistance programs that may be available," said Lt. George Georgeles, state coordinating officer.
SBA is the federal government's primary source of funds for long-term private sector disaster recovery. For disaster damage to property owned by individuals, families and businesses of all sizes that is not fully covered by insurance, the basic form of federal assistance is a low-interest loan from SBA. SBA disaster loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of all sizes and private, non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Additionally, Economic Injury Disaster Loans of up to $1.5 million are available to small businesses to help pay their fixed debts, payroll, accounts payable, and other bills that can't be paid because of the disaster.
Individuals or business owners may obtain information by calling toll-free 1-800-659-2955 or 1-800-877-8339, for the hearing impaired. Or visit SBA's Web site at www.sba.gov/services/disasterassistance. The deadline to apply for these loans is June 25, 2007.
FEMA's temporary housing assistance and grants for public transportation expenses, medical and dental expenses, and funeral and burial expenses do not require individuals to apply for an SBA loan. However, applicants who receive SBA loan applications must submit them to SBA loan officers to be eligible for assistance that covers personal property, vehicle repair or replacement, and moving and storage expenses.
FEMA and NJOEM work together to coordinate the federal and state governments' roles in preparing for, preventing, mitigating the effects of, responding to, and recovering from all domestic disasters, whether natural or man-made, including acts of terror.
Last Modified: Friday, 08-Jun-2007 08:11:58