Low Interest Loans Available To Homeowners And Businesses Recovering From August Floods | Business
WHITEHALL – Homeowners and businesses in Whitehall and other communities affected by flooding in August will be able to apply for low-interest loans.
Gov. Andrew Cuomo on Tuesday announced that the US Small Business Administration had granted its request to declare a physical disaster for Washington County, following severe storms that hit Whitehall, dumping up to 6 inches of rain in a matter of minutes. time.
The storm caused more than $ 1.5 million in damage to 40 homes and 13 businesses and nonprofits, according to a press release.
After the storm, staff from Washington County and the State’s Division of Homeland Security and Emergency Services conducted a damage assessment.
The appraisal confirmed significant damage to 21 homes and five businesses, totaling $ 384,200 and $ 193,000, respectively; and minor damage to 19 homes and eight businesses and non-profit organizations, totaling $ 570,000 and $ 360,000, respectively.
The statement also allows the SBA to offer low-interest loans to homeowners and businesses affected by storm damage in adjoining counties of Essex, Rensselaer, Saratoga and Warren.
The following groups may be eligible for using SBA loans:
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- Homeowners: up to $ 200,000 to repair or replace damaged or destroyed real estate;
- Owners and tenants: up to $ 40,000 to repair or replace damaged or destroyed personal property;
- Business owners: up to $ 2 million for the replacement of real estate, inventory, machinery, equipment and other physical losses;
- Businesses and Nonprofits: Economic disaster loans of up to $ 2 million to provide working capital until normal operations resume.
The SBA has opened a virtual awareness center to help survivors apply online, using the electronic loan application on the SBA’s secure website at https://disasterloanassistance.sba.gov/s/.
Customer service representatives can help applicants complete the online application and answer questions about the SBA program. The center is open seven days a week from 8 a.m. to 8 p.m.
For more information, email [email protected] or call 1-800-659-2955.
Applicants can also email the SBA Customer Service Center at [email protected] for more information on SBA Disaster Assistance. People who are deaf or hard of hearing can call 800-877-8339. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline for returning property damage claims is January 5. The deadline for returning economic damages claims is August 6.
Whitehall Mayor Phil Smith said he was unsure whether many residents would benefit from the program. The village is a poor community and some people may not be able to pay even a low interest loan.
âFamilies that have been hit very hard, it won’t be normal for them for a long time. Some people have been displaced from their homes and live with other family members, âhe said.
Smith said he knew of two houses that were destroyed. The village tries to work with them to get grants to get them back on their feet.
Village operations have returned to normal, he said. The cost of the repairs was approximately $ 40,000 and was paid for using contingency funds.
âWe didn’t get insurance money because we didn’t have flood insurance where we were,â he said.
Cosmetic carpentry work is yet to be done at the village town hall, Smith added.
The district also has 20 to 30 boxes of flood damaged documents, which it sent to be restored using a freeze-drying process, according to Smith.
âWe didn’t get that back,â he said.
The high school was significantly damaged, with several inches of standing water in the building. But schools are not eligible for these loans.
The district insurance company, New York Schools Insurance Reciprocal, denies much of its claim because the company determined that the damage was the result of flooding and not back-up of sewer and drainage systems in and around the building. The district and its engineers had determined that the damage was caused by safeguards.
Superintendent Patrick Dee said the district was hiring a law firm specializing in insurance collection to resolve lingering issues with the insurance company.
Contact Michael Goot at 518-742-3320 or [email protected] and follow his blog poststar.com/blogs/michael_goot/.