June 25, 2024
DR-4783-WV FS 007
FEMA News Desk: 215-931-5597
Submit an SBA Application for Additional Disaster Assistance in West Virginia
A U.S. Small Business Administration (SBA) disaster loan isn’t just for businesses. Applying may offer many benefits for resident of Boone, Cabell, Fayette, Kanawha, Lincoln, Marshall, Nicholas, Ohio, Putnam, Wayne and Wetzel counties impacted by the severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides that occurred April 2-6.
You do not have to wait to settle with your insurance company before applying for a disaster loan. If you don’t know how much of your loss will be covered by insurance or other sources, SBA can provide a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use their insurance proceeds or other sources to reduce or repay the loan.
With the recent changes to FEMA’s Individual Assistance Program, survivors are now encouraged to apply for both FEMA and the SBA to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to help get you back to your pre-disaster condition. Apply online and receive additional disaster assistance information at SBA.gov/disaster.
If SBA determines you are eligible for a loan, you do not have to accept it, and qualifying for an SBA loan does not mean you are ineligible for FEMA assistance. Similarly, if for some reason SBA is not able to assist you with a low interest loan, you may still be eligible for additional FEMA grant assistance to meet your disaster-related needs.
SBA can help renters and homeowners replace household contents (e.g., clothing, furniture, appliances, vehicles), typically referred to as personal property. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, and homeowners can apply for up to $500,000 to repair or replace damage to their home.
SBA loans can help survivors who are uninsured or underinsured. For example, you may discover that you were underinsured for work required to repair or replace your home. An SBA low-interest disaster loan may bridge the gap between your recovery costs and the settlement amount.
Interest rates for SBA loans are as low as 4% for businesses, 3.25% for nonprofit organizations, and as low as 2.688% for homeowners and renters, with terms up to 30 years. There is no accrued interest, and no payments are due until 12 months from the date of the initial disbursement. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
SBA is aware that building back smarter and stronger can be an effective recovery tool for future disasters. So, you may be eligible for a loan amount increase of up to 20% of your physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future disasters.
You may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is July 22, 2024. The deadline to return economic injury applications is February 24, 2025.
For more information on West Virginia’s disaster recovery, visit emd.wv.gov, West Virginia Emergency Management Division Facebook page,
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FEMA’s mission is helping people before, during, and after disasters. FEMA Region 3’s jurisdiction includes Delaware, the District of Columbia, Maryland, Pennsylvania, Virginia and West Virginia.
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Disaster recovery assistance is available without regard to race, color, religion, nationality, sex, age, disability, English proficiency, or economic status. If you or someone you know has been discriminated against, call FEMA toll-free at 833-285-7448. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA the number for that service. Multilingual operators are available (press 2 for Spanish and 3 for other languages).