SUBMITTING AN SBA APPLICATION MAY LEAD TO ADDITIONAL DISASTER
ASSISTANCE
[https://www.fema.gov/fact-sheet/submitting-sba-application-may-lead-additional-disaster-assistance-1]


Release Date: 
Th2 9, 2024 

A U.S. Small Business Administration (SBA)
disaster loan isn’t just for businesses. Applying may offer
many benefits for those in Boone, Calhoun, Clay, Harrison, and Kanawha
counties impacted by the Aug. 28-30, 2023, severe floods who are
seeking additional assistance.

After you applied for disaster assistance from FEMA, you may be
referred to the SBA. If you were asked to
apply for a low-interest SBA loan, you are encouraged
to do so, even if you
don’t currently need a loan. Applying with the SBA assures
that all available disaster assistance options remain open to you. In
fact, the SBA application may be the basis of referrals to other grant
programs.

The SBA can help renters and
homeowners replace household contents (e.g., clothing, furniture, appliances,
vehicles), 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.

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
still may be eligible for additional FEMA grant assistance to meet
your disaster-related needs. If you don’t qualify for an SBA loan,
SBA may refer you back to FEMA for additional grant consideration. 

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 are as low as 4% for businesses, 2.375% for nonprofit
organizations, and as low as 2.5% for homeowners and renters, with
terms up to 30 years. There is no accrued interest and no payments 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.

Building back smarter and stronger can be an effective recovery tool
for future disasters. Applicants may be eligible for a loan amount
increase of up to 20% of their 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.

Applicants 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 April 1, 2024. Business owners have until Oct. 30, 2024, to
submit Economic Injury Disaster Loan (EIDL) applications. 

For more information on West Virginia’s disaster recovery, visit emd.wv.gov,
[https://emd.wv.gov/Pages/default.aspx] West Virginia Emergency Management
[https://www.facebook.com/WVEMD] Division Facebook page,
[https://www.facebook.com/WVEMD] www.fema.gov/disaster/4756
[https://www.fema.gov/disaster/4756] and www.facebook.com/FEMA.
[https://www.facebook.com/FEMA]