FRANKFORT, Ky. (KT) – The U.S. Small Business Administration, or SBA, has extended the deadline for businesses of all sizes, private nonprofit organizations, homeowners and renters to apply for a physical disaster loan to July 8, 2021.
The original deadline had been June 22.
Anyone in the 31 federal disaster declaration counties with physical damages due to the severe storms, flooding, landslides and mudslides from Feb. 27 through March 14, can apply for an SBA low-interest disaster loan.
The disaster declaration covers Anderson, Boyd, Breathitt, Clark, Clay, Estill, Fayette, Floyd, Franklin, Greenup, Jackson, Jessamine, Johnson, Knott, Laurel, Lawrence, Lee, Leslie, Letcher, Lincoln, Madison, Magoffin, Martin, Morgan, Owsley, Perry, Powell, Pulaski, Rockcastle, Warren and Woodford counties, where affected residents are eligible for both physical and economic injury disaster loans from the SBA.
Small businesses and most private nonprofit organizations in adjacent counties are eligible to apply only for SBA economic injury disaster loans. They include Allen, Barren, Bell, Bourbon, Boyle, Butler, Carter, Casey, Edmonson, Elliott, Garrard, Harlan, Henry, Knox, Lewis, Logan, McCreary, Menifee, Mercer, Montgomery, Nelson, Owen, Pike, Rowan, Russell, Scott, Shelby, Simpson, Spencer, Washington, Wayne, Whitley and Wolfe counties.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations, the SBA offers economic injury disaster loans to help meet working capital needs caused by the disaster. Economic injury disaster loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property, including automobiles.
Applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, you can call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
Again, the new filing deadline to return applications for physical property damage is July 8, 2021. The deadline to return economic injury applications is Jan. 24, 2022.
Anyone in the 31 federal disaster declaration counties with physical damages due to the severe storms, flooding, landslides and mudslides from Feb. 27 through March 14, can apply for an SBA low-interest disaster loan. (Kentucky Today file)