4 Mar 2020

Federal Disaster Assistance Available for those affected by flooding in Essex County during the 2019 Halloween Storms

by | posted in: Board of Supervisors, Business / Economy | 0

The U.S. Small Business Administration (SBA) is offering low-interest loans to businesses of all sizes, private non-profit organizations, homeowners and renters impacted by the Halloween 2019 storm and flooding. Please see the attached documents for a list of the 15 NY counties eligible for this assistance. 

In-person application assistance is available through March 12 at centers in Oneida, Herkimer, Essex, and Hamilton Counties (please see the attached press release for locations and hours). 

To apply online visit https://disasterloan.sba.gov, or call (800-659-2955) with questions or to request a paper loan application through the mail.

Here are some program highlights:

  • Uninsured or under-insured damage occurring Oct. 31-Nov. 1 is eligible for a possible low-interest SBA Disaster Assistance Loan.
  • The deadline to apply for physical damage loans is April 27, 2020. 
  • Loans of $25,000 or less are unsecured and do not require collateral.
  • Interest rates or homeowners and renters are as low as 1.5% with a term up to 30 years.
  • For businesses, they are as low as 3.875% with a term up to 30 years.
  • Loans for churches and other private, non-profits are 2.75%, with a term up to 30 years.
  • Loans are directly from the federal government—the rate and term do not change.
  • It is free to apply, and there are no points or closing fees. 
  • SBA is deferring the first payment due on these loans for four months, so that you can make repairs and replacements before you start making payments. The first payment is due 4 months plus 30 days from when you sign the closing documents.
  • If offered a loan, you have 60 days to decide to accept, or you can accept a partial amount. If you decline, you have 6 months to change your mind and reapply.
  • Loans can be used to make repairs while you wait for your insurance settlement, which can then be used to pay down your loan. 
  • Small businesses and most private, non-profit organizations can also apply for Economic Injury Disaster Loans to meet working capital needs caused by the disaster. The deadline for working capital loan applications is Nov. 25, 2020.
  • Owners of rental properties may apply for a business loan.

Additional Document 1: News Release

Additional Document 2: Fact Sheet

>> Both documents open in a new tab.