The U.S. Small Business Administration has added counties to the disaster declaration due to severe storms and flooding that began on March 9, 2016 in Mississippi.
The disaster declaration now covers the counties of Bolivar, Clarke, Coahoma, Forrest, George, Greene, Jones, Marion, Panola, Pearl River, Perry, Quitman, Sunflower, Tunica, Washington and Wayne in Mississippi which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Covington, Desoto, Hancock, Harrison, Humphries, Issaquena, Jackson, Jasper, Jefferson Davis, Lafayette, Lamar, Leflore, Newton, Sharkey, Smith, Stone, Tallahatchie, Tate, Walthall and Yalobusha in Mississippi; Choctaw, Mobile and Washington in Alabama; Chicot, Crittenden, Desha, Lee and Phillips in Arkansas; and Saint Tammany and Washington parishes in Louisiana.
Businesses and private nonprofit organizations 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 nonprofit 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 up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes. Eligible improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.
Interest rates are as low as 4 percent for businesses, 2.625 percent for nonprofit organizations, and 1.813 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
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Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela.
To be considered for all forms of disaster assistance, applicants should register with FEMA online at www.DisasterAssistance.gov or by mobile device at m.fema.gov. If online or mobile access is unavailable, applicants should call the FEMA toll-free Helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov.
The filing deadline to return applications for physical property damage is May 24, 2016. The deadline to return economic injury applications is Dec. 27, 2016.
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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.