More counties now eligible for SBA disaster loans
HAZARD, Ky. (WYMT) - Following Gov. Andy Beshear’s announcement last week that more Kentucky counties are now eligible for FEMA assistance, the U.S. Small Business Administration is now offering more businesses and residents the chance to apply for low-interest loans.
Officials say those affected by flooding and severe weather between February 27th and March 14th in Boyd, Breathitt, Clay, Estill, Floyd, Jackson, Johnson, Knott, Laurel, Lawrence, Lee, Leslie, Letcher, Magoffin, Martin, Morgan, Owsley, Perry, Powell, Pulaski and Rockcastle County are eligible for both physical and economic injury disaster loans from the SBA.
Small business and most private non-profit organizations in Bell, Elliott, Harlan, Knox, McCreary, Menifee, Pike, Rowan, Wayne, Whitley and Wolfe County in Kentucky along with Wise County, Virginia and Wayne and Mingo County in West Virginia can apply for economic injury disaster loans.
Businesses and private nonprofit organizations of any size can borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
Interest rates are as low as 3% for businesses, 2% for nonprofit organizations and 1.25% for homeowners and renters, with loan terms up to 30 years.
The filing deadline to return applications for physical property damage is June 22nd, 2021. The deadline to return economic injury applications is January 24th, 2022.
To be considered for all forms of disaster assistance, you can register online at DisasterAssistance.gov, download the FEMA mobile app or call the FEMA helpline at 1-800-621-3362. To find out more about SBA disaster loans, you can go to DisasterLoan.sba.gov or call 1-800-659-2955 between 8 a.m. and 8 p.m. EST.
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