SBA Offers Low Interest Loans To Those Affected By Ida

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The US Small Business Administration is accepting applications for low-interest disaster loans that could help Long Island businesses, nonprofits, and landlords and tenants recover from the damage suffered when the remains of Hurricane Ida hit New York.

Businesses can receive a maximum of $ 2 million in loans for this disaster, homeowners can get up to $ 200,000 for real estate and Long Islanders, including renters, can access up to $ 40,000 for personal property like cars, furniture and appliances. The loans cannot exceed the value of the damage sustained during the three days beginning September 1, the SBA said.

The SBA will accept applications until Nov. 4 for Business Physical Disaster Loans, which help businesses and nonprofits repair or replace damaged and destroyed property, as well as for loans in the event of a loss. home disaster, which do the same for landlords, tenants and other individuals. Applicants have until June 6, 2022 to apply Economic disaster loans, which help small businesses and nonprofits meet their financial obligations that they would otherwise struggle to meet due to disasters.

“The SBA’s mission-oriented team is ready to help small businesses and New York residents affected by Hurricane Ida,” SBA administrator Isabella Casillas Guzman said in a statement. “We are committed to providing federal disaster loans quickly and efficiently, with a client-centered approach to help businesses and communities recover and rebuild. “

To qualify, Long Islanders and their businesses must have an acceptable credit history for the SBA and demonstrate that they will be able to repay the funds. The SBA won’t deny a loan for lack of collateral, but will require anything available to be pledged for loans over $ 25,000, the agency said.

The agency has two loans for those dealing with damaged property – one for businesses and nonprofits, the other for homeowners and tenants. Funds can be used to repair or replace real estate, inventory, supplies, machinery and equipment. Loans can have repayment terms of up to 30 years and interest rates ranging from around 2.9% to 5.7% for businesses and 1.6% to 3.1% for individuals , said the SBA. The agency has set the interest rate at 2% for associations.

If approved, beneficiaries will be able to get up to 20% more for mitigation projects that will protect assets from future disasters, including the installation of sump pumps, retaining walls and elevating structures, said the SBA.

Economic disaster loans are only available to small businesses and non-profit organizations that demonstrate that they cannot independently fund their recovery through non-government sources. These loans can have terms of up to 30 years and have an interest rate of around 2.9% for businesses and 2% for nonprofits, the SBA said.

On Monday, the agency approved more than $ 3 million in loans to businesses and New York residents affected by Ida, the SBA said.

The SBA is handling a separate application for COVID-19 Economic Disaster Loans, which are designed to help small businesses and nonprofits that have experienced financial hardship as a result of the pandemic. This initiative will end on December 31, 2021 or whenever funds are depleted, whichever comes first.

As of Sept. 15, more than 325,000 loans have been approved in New York City for a total of $ 25.38 billion – and billions of funding remain, the SBA said.

Visit https://bit.ly/2XADGVx for more information and apps. Long Islanders can get in-person counseling at the Disaster Recovery Center located at Michael J. Tully Park in New Hyde Park.


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