So far the U.S. Small Business Administration has approved more than $150 million in disaster loans to about 2,500 homeowners, renters and businesses in New York, New Jersey, Connecticut and Rhode Island who are recovering from Hurricane Sandy.
Yet while we’ve sent out more than 360,000 applications, about 22,000 have been returned to SBA. If you have a disaster loan application, you should complete and send it back to us as soon as possible.
The filing deadline for physical property damage disaster loan applications is Dec. 31 for New Jersey, New York, and Connecticut. The filing deadline is Jan. 15th for residents and businesses in Rhode Island.
Your insurance policy may not cover all the replacement, repair and rebuilding costs – and the disaster loan is available to cover the difference. You don’t have to wait for an insurance settlement, though. If the insurance money covers damage that you’ve borrowed for, the overlap can be used pay down the loan.
If you think you need help filling out the application, or have questions about what documents are required to complete the process, here’s you what you can do:
- You can visit a local Disaster Recovery Center or a Business Recovery Center. Here’s the link to the center locations: http://www.fema.gov/disaster-recovery-centers.
- You can also call 1-800-659-2955. Those who have a speech disability or healing loss and use TTY should call 1-800-462-7585.
- SBA Small Business Development Centers are available to help business owners complete loan applications, and give advice on how to rebuild and grow in the aftermath of the disaster. Visit www.sba.gov/local-assistance to find your local SBDC.
Meanwhile, check out this informative video that explains SBA disaster assistance for businesses of all sizes.
Previously
Sandy Update 1: SBA Coordinating with Our Federal Partners
Sandy Update 2: SBA Standing Ready to Help Businesses, Homeowners and Renters Recover
Sandy Update 3: Top Five Reasons You’re Eligible to Apply for SBA Disaster Assistance