SBA employees are helping victims of Hurricane Ida apply for disaster loans
NEW ORLEANS (WVUE) – For some people, insurance doesn’t cover all damage caused by Hurricane Ida and others may not have insurance at all, and yet others may not qualify for FEMA grants. So the Small Business Administration is in southeast Louisiana and helping to fill the gap.
Jo Ann Lawrence is assistant district director for the SBA Louisiana District Office.
“Our Hurricane Ida Statement is designed to help businesses of all sizes, homeowners, renters, private nonprofits such as charities and churches, and some cooperatives get support,” said Lawrence.
She said tenants can apply for loans too. âRenters please apply, renters are eligible for up to $ 40,000 to repair or replace their personal property. Homeowners up to 200,000 to repair their personal residence, “said Lawrence.
For companies, the credit limits are even higher.
âTwo million for physical damage and $ 2 million for economic damage. However, the sum for businesses between physical damage and economic damage cannot exceed $ 2 million, “said Lawrence.
She said the SBA is investigating applicants’ entire credit histories.
âWe get a lot of questions about loans; will SBA take our creditworthiness into account? We’re going to get your credit report, but we’re looking at your entire credit history. If you previously had an SBA loan and had to keep insurance and didn’t pass that insurance, unfortunately we couldn’t help you, âsaid Lawrence. “You must keep up to date on your federal obligations like your federal income taxes and not default on other government-guaranteed loans like student loans.”
People who get loans will have decades to pay them off.
âThirty years, fixed rate; for homeowners and renters 1.563%, very low interest rate. For companies 2.855% fixed rate for 30 years. For the private nonprofits, charities and churches 2% for 30 years. That’s a long time for a low interest rate, âsaid Lawrence.
And she said it was vital that everyone in disaster areas apply to SBA just in case they fail to qualify for FEMA grants. âIf you sit back and wait and say, I know I won’t be approved by the SBA, so I just won’t apply. To return to FEMA, you have to be rejected by the SBA, âsaid Lawrence.
The deadline for filing property damage claims is approaching.
“Critical Deadline for Physical Injury, October 28, 2021, you must file this application by October 28, 2021, but don’t wait until that date,” said Lawrence. “They have until May 31, 2022 for economic damage.”
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