Why should survivors apply? Survivors referred to the SBA must apply with SBA even if they feel they cannot afford or do not want a loan in order to receive some FEMA assistance. Whether a loan is wanted or not, the SBA loan application may trigger additional grant assistance through FEMA’s Other Needs Assistance (ONA)...
To protect each borrower and the Agency, SBA may require you to obtain and maintain appropriate insurance. By law, borrowers whose damaged or collateral property is located in a special flood hazard area must purchase and maintain flood insurance. SBA requires that flood insurance coverage be the lesser of The total of the disaster loan The...
If your loan application is approved, you may be eligible for additional funds to cover the cost of improvements that will protect your property against future damage. Examples of improvements include retaining walls, seawalls, sump pumps, etc. Mitigation loan money would be in addition to the amount of the approved loan, but may not exceed...
Uninsured Losses – Only uninsured or otherwise uncompensated disaster losses are eligible. Any insurance proceeds which are required to be applied against outstanding mortgages are not available to fund disaster repairs and do not reduce loan eligibility. However, any insurance proceeds voluntarily applied to any outstanding mortgages do reduce loan eligibility. Ineligible Property – Secondary...
Business Loans – The law limits business loans to $2,000,000 for the repair or replacement of real estate, inventories, machinery, equipment and all other physical losses. Subject to this maximum, loan amounts cannot exceed the verified uninsured disaster loss. Economic Injury Disaster Loans (EIDL) – The law limits EIDLs to $2,000,000 for alleviating economic injury caused...
The law authorizes loan terms up to a maximum of 30 years. However, the law restricts businesses with credit available elsewhere to a maximum 7-year term. SBA sets the installment payment amount and corresponding maturity based upon each borrower’s ability to repay. Source: U.S. Small Business Administration
By law, the interest rates depend on whether each applicant has Credit Available Elsewhere. An applicant does not have Credit Available Elsewhere when SBA determines the applicant does not have sufficient funds or other resources, or the ability to borrow from non-government sources, to provide for its own disaster recovery. An applicant, which SBA determines...
Credit History – Applicants must have a credit history acceptable to Small Business Association (SBA) Repayment – Applicants must show the ability to repay all loans. Collateral – Collateral is required for physical loss loans over $25,000 and all Economic Injury Disaster Loans loans over $25,000. SBA takes real estate as collateral when it is...
U.S. Small Business Administration Loans Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible. Economic Injury Disaster Loans (EIDL)...
Department of Treasury Form PD F-1048 (I) from your bank or at www.ustreas.gov and mail to: Department of the Treasury Bureau of the Public Debt Savings Bonds Operations P.O. Box 1328 Parkersburg, WV 26106-1328
The IRS center where filed, your accountant or 1-800-829-1040 Local Internal Revenue Service office: Santa Rosa Taxpayer Assistance Center 777 Sonoma Ave. Santa Rosa, CA 95404 Monday-Friday - 8:30 a.m.- 4:30 p.m. Office Information 707-535-3859 Make Appointment 844-545-5640 Services Provided Account inquiries (help with letters, notices and levies on your wages or bank account) Adjustments (changes to tax account...
