SBA Extends Deadline in New Jersey to Submit Physical Disaster Loan Applications to Jan. 5
The U.S. Small Business Administration (SBA) has extended the deadline for businesses of all sizes, private nonprofit organizations, homeowners, and renters to apply for a physical disaster loan to Jan. 5, 2022. Anyone in the declared New Jersey counties with physical property damage due to the remnants of Hurricane Ida on Sept. 1 – 3, 2021 should apply for an SBA low-interest disaster loan.
The disaster declaration covers Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset, Union and Warren counties in New Jersey. Economic Injury Disaster Loans only are available to small businesses and most nonprofit organizations in the following adjacent counties: Atlantic, Burlington, Camden, Cumberland, Monmouth, Salem and Sussex in New Jersey; New Castle in Delaware; Bronx, New York, Orange, Rockland and Westchester in New York; and Bucks, Delaware, Monroe, Northampton and Philadelphia in Pennsylvania.
Businesses and private nonprofit organizations of any size 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 non profit 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 for up to $40,000 to repair or replace disaster damaged or destroyed personal property, including automobiles.
Applicants may be eligible for a loan amount increase up to 20% 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 2.855% for businesses, 2% for nonprofit organizations and 1.563% for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
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.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/, and should apply under SBA declaration #17143, not for the COVID-19 incident.
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 DisasterCustomerService@sba.gov. Loan applications can also be downloaded at 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 is Jan. 5, 2022. The deadline to return economic injury applications is June 6, 2022.
Information Courtesy of the SBA and New Jersey Business Magazine