Do you need financial help with IDA? SBA offers low-interest loans to New Jersey residents

The flood and deadly Storm IDA wreaked havoc here in Garden State. There are new FED loans that offer very low interest rates and long term payment plans.

The US Small Business Administration (SBA) provides low-interest, long-term catastrophe loans to homeowners, renters, businesses of all sizes, and nonprofits to repair or replace property damaged by Hurricane Ida. The interest rate for homeowners and tenants is only 1.563% for terms of up to 30 years.

Businesses of all sizes can borrow up to $ 2 million to repair and / or replace damaged buildings, inventory, supplies, and other supplies. Small businesses can also apply for economic damage disaster loans to pay the bills they could have paid if the disaster had not occurred.

Homeowners can borrow up to $ 200,000 to perform repairs on their primary homes, and renters and homeowners can borrow up to $ 40,000 to replace damaged contents in their homes, including furniture, appliances, and cars.

The deadline to apply for a catastrophe loan for property damage is November 4, 2021. The deadline to apply for a catastrophe loan for economic damage is June 6, 2022. Individuals and businesses can find more information and apply online at Disasterloanassistance.sba.gov Individuals and businesses can call (800) 659-2955 with questions about applications.

Residents and businesses can also get one-on-one assistance in completing their applications at a FEMA Disaster Recovery Center (DRC) or an SBA Business Recovery Center (BRC).

Here is the full SBA version.

There are low-interest catastrophe loans from the US Small Business Administration
to New Jersey businesses and residents following the announcement of a presidential disaster
Declaration based on the remains of Hurricane Ida from 1-3. September 2021.
“The SBA is determined to provide the most effective response for New Jersey residents to help businesses, homeowners and renters with federal disaster loans. Getting businesses and communities back on track after a disaster is our top priority, ”said SBA Administrator Isabella Casillas Guzman.

The Declaration of Disaster covers the boroughs of Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset, Union and Warren of New Jersey, which are eligible for both physical and economic damage catastrophe loans from the SBA. Small businesses and most private nonprofits in the following contiguous counties are only eligible for SBA economic damage loans: 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 and Philadelphia in Pennsylvania.

Corporations and private nonprofits of all sizes can borrow up to $ 2 million to repair or replace property, machinery and equipment, inventory, and other operational equipment damaged or destroyed by disasters. Applicants may be eligible for a loan amount increase of up to 20 percent of their physical damage verified by the SBA for damage control purposes. Eligible mitigation improvements may include a sump pump, elevation, French drain, or retaining wall to protect property and residents from future damage from a similar disaster.
For small businesses, small agricultural cooperatives, small businesses involved in aquaculture, and most private nonprofits, the SBA offers economic damage loans to meet the working capital needs caused by the disaster. Economic Injury Disaster Loan Assistance is available regardless of whether the company has suffered any property damage.

Catastrophe Loans up to $ 200,000 are available to homeowners to repair or replace disaster-damaged or destroyed properties. Homeowners and renters are entitled to up to $ 40,000 to repair or replace personal property damaged or destroyed by disasters. The interest rates are only 2.855 percent for corporations, 2 percent for nonprofits and
1.563 percent for homeowners and tenants with terms of up to 30 years. Loan amounts and terms are
determined by the SBA and based on the financial situation of each applicant.

Applicants can apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at
https://disasterloanassistance.sba.gov/ela/s/ and should apply according to SBA Declaration No. 17xxx, not for the COVID-19 incident.
To be considered for all forms of disaster relief, applicants should register online at
DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is not available, applicants should call FEMA’s toll-free line at 800-621-3362. Those using 711 relay or video relay services should call 800-621-3362.

Businesses and individuals can also obtain information and credit applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the Deaf and Hearing Impaired) or emailing [email protected] . Loan applications can also be downloaded from sba.gov/disaster. Completed forms should be sent to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline for returning property damage claims is November 4, 2021. The deadline for returning economic damage claims is June 6, 2022.

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