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There are Many Good Reasons to Apply for SBA Low-interest Disaster Loans

JACKSON, Miss. – Mississippi tornado survivors who fail to return completed Small Business Administration low-interest disaster loan applications may be saying no to federal assistance.

Sometimes survivors think SBA disaster loans are only for businesses. Some may be counting on a future insurance settlement to cover all the costs of rebuilding. Often they don’t want a disaster loan or fear they cannot afford one. Or maybe they simply need assistance completing the SBA disaster loan application.

SBA offers disaster loans to homeowners, renters, businesses of all sizes and private nonprofit organizations for physical damage from the April 28 through May 3 severe storms, tornadoes and flooding in the following Mississippi counties: Itawamba, Jones, Leake, Lee, Lowndes, Madison, Montgomery, Rankin, Simpson, Warren, Wayne and Winston.

Economic injury disaster loans are available to provide working capital to eligible small businesses and non-profit organizations located in the counties listed above and the adjacent counties.

There are good reasons for FEMA applicants who have been contacted by SBA to submit a completed disaster loan application before the June 30, 2014, deadline.

Some of the top reasons for submitting an SBA application include:

A future insurance settlement may fall short. Survivors may find out they are underinsured for the amount of work it takes to repair or replace a damaged home. An SBA low-interest loan can cover the uninsured costs. By submitting the loan application, survivors may have loan money available when it is needed. SBA can approve a loan for the repair or replacement of a home up to $200,000. The loan balance will be reduced by a survivor’s insurance settlement. However, the opportunity for an SBA disaster loan may be lost if they wait until after the application deadline.
SBA can help renters repair or replace disaster damaged personal property. Renters, as well as homeowners, may borrow up to $40,000 to repair or replace clothing, furniture, appliances and damaged vehicles.
By submitting an SBA loan application, survivors keep the full range of disaster assistance available as an option. SBA may refer applicants who do not qualify for a home loan to FEMA for grants to replace essential household items, replace or repair a damaged vehicle, cover medical, dental and funeral expenses and other serious disaster-related needs. But if survivors do not submit their disaster loan applications, the assistance process may stop. Survivors are not required to accept a loan offer.

For more information, homeowners, renters and businesses may call the SBA at 800-659-2955 (TTY 800-877-8339), send an email to DisasterCustomerService@sba.gov or visit SBA.gov/Disaster. Survivors can complete disaster loan applications online at https://DisasterLoan.SBA.gov/ELA.

Survivors can visit any of the three disaster recovery centers open in Mississippi to sit down and talk with an SBA representative in person. Disaster recovery center locations can be found by visiting FEMA.gov/DRCLocator or by calling the FEMA helpline at 800-621-3362 (TTY 800-462-7585.)

Survivors who have not yet registered with FEMA can do so online at DisasterAssistance.gov, with a mobile device at m.FEMA.gov or by calling the FEMA helpline at 800-621-FEMA (3362.) Survivors who are deaf, hard of hearing or have a speech disability can call TTY 800-462-7585.

For more information on Mississippi disaster recovery, go to fema.gov/disaster/4175. Visit the MEMA site at msema.org or on Facebook at facebook.com/msemaorg.

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 800-621-FEMA (3362). If you have a speech disability or hearing loss and use a TTY, call 800-462-7585 directly; if you use 711 or Video Relay Service (VRS), call 800-621-3362.

FEMA’s temporary housing assistance and grants for public transportation expenses, medical and dental expenses, and funeral and burial expenses do not require individuals to apply for an SBA loan. However, applicants who receive SBA loan applications must submit them to SBA loan officers to be eligible for assistance that covers personal property, vehicle repair or replacement, and moving and storage expenses.

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There are Many Good Reasons to Apply for SBA Low-interest Disaster Loans

Many Good Reasons to Apply to SBA

SPRINGFIELD, Ill. – Nov. 17 tornado survivors who fail to return completed Small Business Administration low-interest disaster loan applications may be saying no to federal assistance.

Some survivors may be counting on a future insurance settlement to cover all the costs of rebuilding. Maybe they don’t want a disaster loan or fear they cannot afford one. Or maybe they need assistance completing the SBA disaster loan application.

But there are good reasons for FEMA applicants who have been contacted by SBA to submit a completed disaster loan application by the Monday, Jan. 27 deadline.

SBA offers disaster loans to tornado-affected homeowners, renters, businesses of all sizes and private nonprofit organizations for physical damage in the following Illinois counties: Champaign, Douglas, Fayette, Grundy, Jasper, LaSalle, Massac, Pope, Tazewell, Vermilion, Wabash, Washington, Wayne, Will and Woodford.

Economic injury disaster loans are available to provide working capital to eligible small businesses and non-profit organizations located in the counties listed above and the adjacent counties.

Some of the top reasons for submitting an SBA application by the deadline include:

A future insurance settlement may fall short. Survivors may find out they are underinsured for the amount of work it takes to repair or replace a damaged home. An SBA low-interest loan can cover the uninsured costs. By submitting the loan application on time, survivors may have loan money available when it is needed. SBA can approve a loan for the repair or replacement of a home up to $200,000. The loan balance will be reduced by a survivor’s insurance settlement. However, the opportunity for an SBA disaster loan may be lost if they wait until after the application deadline.
SBA can help renters repair or replace disaster damaged personal property. Renters, as well as homeowners, may borrow up to $40,000 to repair or replace clothing, furniture, appliances, damaged vehicles.
By submitting an SBA loan application, survivors keep the full range of disaster assistance available as an option. SBA may refer applicants who do not qualify for a loan to FEMA for grants to replace essential household items, replace or repair a damaged vehicle, or cover storage expenses, among other serious disaster-related needs. But if survivors do not submit their disaster loan applications, the assistance process may stop. Survivors are not required to accept a loan offer.

For more information, homeowners and renters may call the SBA at 800-659-2955 or TTY 800-877-8339 TTY or visit SBA.gov/Disaster. Survivors can complete disaster loan applications online at https://DisasterLoan.SBA.gov/ELA/.

For the latest information on Illinois’ recovery from the Nov. 17 storms, visit FEMA.gov/Disaster/4157. Follow FEMA online at twitter.com/femaregion5, facebook.com/fema and youtube.com/fema. The social media links provided are for reference only. FEMA does not endorse any non-government websites, companies or applications.

FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards. 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 800-621-FEMA (3362). For TTY call 800-462-7585.

SBA is the federal government’s primary source of funding for the long-term rebuilding of disaster-damaged private property. SBA helps homeowners, renters, businesses of all sizes, and private non-profit organizations fund repairs or rebuilding efforts, and cover the cost of replacing lost or disaster-damaged personal property. These disaster loans cover uninsured and uncompensated losses and do not duplicate benefits of other agencies or organizations. For information about SBA programs, applicants may call 800-659-2955 (TTY 800-877-8339).

FEMA News Desk: 217-522-2080

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Many Good Reasons to Apply to SBA

Repair Tornado-Damaged Vehicles with Federal Help

SPRINGFIELD, Ill. – Anyone who had a car damaged or destroyed in counties affected by the Nov. 17 Illinois tornadoes may be eligible for Federal Emergency Management Agency disaster assistance.

Those who may be eligible include not just residents of the designated counties, but also those who were working or visiting in areas and had damage to their vehicle during the tornadoes.

Only those who maintain at least liability insurance will be considered to receive federal disaster assistance to repair or replace their car. Liability coverage is the minimum insurance requirement for Illinois drivers. Liability insurance policies do not cover storm-related damage to their car. Survivors who register must submit proof to FEMA that they maintain liability coverage to be considered for federal disaster assistance to repair or replace their car.
Survivors who have a comprehensive policy should first file a claim with their insurance company. Comprehensive policies usually pay for storm-related damages to a car. However, federal disaster assistance may help fill in the gaps for those whose comprehensive insurance coverage does not pay for any or all storm-related damage costs.
Survivors need to return a completed Small Business Administration disaster-loan application. After registering with FEMA, the SBA will contact many survivors concerning loan applications. It’s important for survivors to submit their application. Homeowners and renters may be eligible to borrow up to $40,000 to repair or replace personal property, including automobiles damaged or destroyed in the disaster.
FEMA grants to repair or replace a car must clear the SBA loan process. A survivor may receive a grant from FEMA to repair or replace their car if insurance is insufficient and they were declined for SBA loan home loan. Grants do not need to be repaid.
Keep documents. Federal disaster assistance is reimbursed to survivors only if their car had damage during the Nov. 17 tornadoes. Survivors must submit an itemized document that shows damage to the car is storm-related and a receipt, estimate or verifiable bill of the repair or replacement costs.

FEMA officials advise anyone whose vehicle was damaged during the tornadoes to register for assistance. Survivors in the following counties should register: Champaign, Douglas, Fayette, Grundy, Jasper, La Salle, Massac, Pope, Tazewell, Vermilion, Wabash, Washington, Wayne, Will and Woodford.

Register with FEMA online at DisasterAssistance.gov or by calling 800-621-FEMA (3362) or TTY 800-462-7585, or register with a smartphone or tablet at m.fema.gov.

For additional information about SBA low-interest disaster loans, contact the SBA Disaster Assistance Customer Service Center by calling 800-659-2955 or TTY 800-877-8339, emailing disastercustomerservice@sba.gov or visiting sba.gov/disaster.

SBA provides low-interest, long term disaster loans for homeowners, renters and businesses of all sizes. For more information, visit SBA’s website at www.sba.gov/disaster.

NEWS DESK: 217-522-2080

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Repair Tornado-Damaged Vehicles with Federal Help

Two Steps To Disaster Assistance: FEMA And SBA

PURVIS, Miss. – The U.S. Small Business Administration and the Federal Emergency Management Agency work together in assisting disaster survivors. Registering for federal assistance and completing the SBA application are two steps toward one goal: to help those rebuilding their lives after a disaster.

FEMA grants may cover essential needs including personal items such as clothing and vehicles. These grants do not make disaster survivors whole again.

The SBA is a primary source of federal funds for recovery for both individuals and businesses; filling out the SBA loan application is necessary for most homeowners and renters to be considered for all forms of disaster assistance.

The SBA’s low-interest disaster loans of up to $200,000 can help qualified homeowners repair or replace damaged real estate. In addition, renters and homeowners may get up to $40,000 to repair or replace damaged personal property. In both cases, these SBA loans are only for damages not covered by your insurance. Loans may be increased up to 20 percent of verified losses to cover the cost of measures to prevent possible damages from a future natural or man-made hazard.

Though FEMA and the SBA work hand in hand with the Mississippi Emergency Management Agency and local governments to help disaster survivors, many Mississippians affected by the recent tornadoes, storms and flooding who were sent an SBA application have not completed and returned them. The process begins with FEMA; it continues with the SBA.

The reasons Mississippi disaster survivors find for not applying for a low-interest disaster loan are the very reasons they should apply – on or before the April 15 deadline.

Oh I’m not eligible and I don’t own a business.

SBA disaster loans also go to individuals and families – as well as businesses. Interest rates may be as low as 1.688 percent with terms up to 30 years.

I don’t want a loan or can’t qualify for one.

Filing the loan application does not obligate you to accept the loan, but most individual and family applicants must still complete the SBA loan application before they can be considered for certain other FEMA grants and programs. That could include assistance for disaster-related medical and dental expenses, car repairs, clothing and household items. Completing the SBA application assures that the federal disaster recovery process continues and keeps your options open.

It’s just too much trouble to fill out an application.

It only takes about 30 minutes to fill out a loan application. You also can receive one-on-one assistance at a Disaster Recovery Center. A simple, fast, and very available way to complete the application is online, using the SBA’s electronic loan application. Go to https://DisasterLoan.SBA.gov/ELA. Updates on loan application status are available by calling 800-659-2955 or TTY 800-877-8339.

But I’m a renter not a homeowner.

Renters can get help from the SBA. They may qualify for long-term, low-interest loans to repair or replace personal property items, such as clothing, furniture, cars, or appliances damaged or destroyed in the disaster.

I’m going to wait for my insurance settlement.

Don’t wait to settle with the insurance company. If you do not know how much of your loss will be covered by insurance or other sources, SBA will consider making a loan for the total loss up to its loan limits, provided you agree to use insurance proceeds to reduce or repay your SBA loan.

I own the property but it’s not my primary residence.

If your property is used as a normal part of a business, such as rental property, you may be eligible to apply as a business owner. Submit your application and let SBA determine your eligibility.

Our neighbors were turned down for an SBA loan and they make more than we do.

Don’t make the mistake of eliminating yourself. Everyone’s situation is unique and SBA will work with you if you feel you may have a problem qualifying for the loan. Remember, if a homeowner or renter cannot qualify for the SBA loan, they will be referred back to FEMA for additional grant consideration.

Eligibility for a loan depends on your ability to repay the loan, not on your income. If you qualify for a loan, the amount could be significantly higher than FEMA grants. If you do not qualify for a loan, you may be referred back to FEMA for additional grants.

If you have questions about the disaster assistance process, call the FEMA Helpline, 800-621-3362 or TTY 800-462-7585, 7 a.m. to 10 p.m. or, with a tablet or smartphone, or other web-enabled device, go to m.fema.gov.C-Spire Wireless customers can reach the helpline by dialing #362.

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Two Steps To Disaster Assistance: FEMA And SBA

Returning SBA Loan Application May Open Doors to More FEMA Assistance

WINDSOR, Conn. – Hurricane survivors who receive a loan application from the U.S. Small Business Administration after registering for disaster assistance from the Federal Emergency Management Agency need to complete and return it. The application deadline is Dec. 31, 2012.

While SBA’s low-interest disaster loans represent the major source of federal funding for recovery, the application itself may open the door to other FEMA grant programs. People who do not qualify for a loan may be eligible for grants to replace essential household items, replace or repair a damaged vehicle, or cover storage expenses.

“In a disaster, SBA helps individuals as well as businesses,” said Federal Coordinating Officer Albert Lewis. “No one is obligated to accept an SBA loan. If you receive a loan application, it’s important to fill it out and return it. If you don’t submit the loan application, the assistance process may stop prematurely.”

Registering with FEMA often prompts SBA to send an application for a low-interest disaster loan. The application takes little time to complete.

FEMA grants are designed to jump-start the recovery process and may not cover all damage or property loss. SBA low-interest disaster loans up to $200,000 are available to eligible homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters may apply for loans up to $40,000 for personal property. Loan amounts cannot exceed uninsured losses.

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory and other business assets.

Recovery officials note several reasons for completing the application. For instance:

An insurance settlement may fall short. A survivor may be underinsured for the amount of work needed to repair or replace a structure. An SBA low-interest disaster loan can cover the cost. Survivors are encouraged not to miss the filing deadline by waiting for an insurance settlement. A settlement can be used toward the loan.
SBA can offer a loan that fits an applicant’s budget. SBA specialists can help with an affordable low-interest loan. In some cases, SBA can refinance all or part of an existing mortgage.
SBA can help renters replace household contents and vehicles. Renters and homeowners may borrow up to $40,000 to repair or replace clothing, furniture, cars or appliances damaged or destroyed in the hurricane.

Applications can be downloaded from www.sba.gov. For more information, call the SBA’s toll-free line at 800-659-2955. If you use TTY, call 800-877-8339. Homeowners and renters who want to apply online can visit SBA’s secure website at https://disasterloan.sba.gov/ela/.

People with storm losses who still need to register with FEMA can register anytime online at www.DisasterAssistance.gov, or with a smartphone or device at m.fema.gov. Survivors can also register by phone anytime day or night by calling FEMA at 800-621-3362. People who use TTY can call 800-462-7585. Multilingual operators are available. The deadline to register is Dec. 31, 2012.

The U.S. Small Business Administration (SBA) is the federal government’s primary source of money for the long-term rebuilding of disaster-damaged private property. SBA helps homeowners, renters, businesses of all sizes, and private nonprofit organizations fund repairs or rebuilding efforts, and covers the cost of replacing lost or disaster-damaged personal property. These disaster loans cover losses not fully compensated by insurance or other recoveries and do not duplicate benefits of other agencies or organizations.

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Returning SBA Loan Application May Open Doors to More FEMA Assistance