By BILL EGBERT
The repairs and recovery after Hurricane Sandy may still be dragging on, but there is a flipside — the deadline to apply for federal disaster loans has also been delayed — but time is running out.
The U.S. Small Business Administration is still offering disaster loans for Sandy damage to businesses, nonprofit organizations, homeowners and even renters, but the deadline to apply Dec. 1.
Low interest loans are still available to cover uninsured losses and fund eligible mitigation projects. 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, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the storm, and these loans are available regardless of whether Sandy directly caused the business any physical property damage.
Homeowners can access disaster loans of up to $200,000 to repair or replace disaster-damaged or destroyed real estate. Both homeowners as well as renters are still eligible for up to $40,000 to repair or replace personal property damaged or destroyed in the storm.
Interest rates are as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA based on each applicant’s financial condition.
Sandy survivors can apply directly online using the Electronic Loan Application via SBA’s secure website at https://disasterloan.sba.gov/ela.
For more information, call the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or email disastercustomerservice@sba.gov.
But down wait — there’s just four weeks left before the Dec. 1 final deadline.
