September 17, 2021

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Mortgage News

More counties now eligible for SBA disaster loans

HAZARD, Ky. (WYMT) – Following the announcement by Governor Andy Beshear last week With more Kentucky counties now eligible for FEMA assistance, the US Small Business Administration is now offering more businesses and residents the opportunity to apply for low-interest loans.

Officials say those who were affected by floods and storms in Boyd, Breathitt, Clay, Estill, Floyd, Jackson, Johnson, Knott, Laurel, Lawrence, Lee, Leslie, Letcher, Magoffin, between February 27 and March 14, Martin, Morgan, Owsley, Perry, Powell, Pulaski and Rockcastle Counties are eligible for catastrophe loans for both personal and economic damage from the SBA.

Small businesses and most private nonprofits in Bell, Elliott, Harlan, Knox, McCreary, Menifee, Pike, Rowan, Wayne, Whitley, and Wolfe Counties of Kentucky and Wise County, Virginia and Wayne and Mingo Counties of West Virginia are eligible to apply for Catastrophe Loans for Economic Damage.

Corporations and private nonprofits of all sizes can borrow up to $ 2 million to repair or replace property, machinery and equipment, inventory, and other operational equipment damaged or destroyed by disasters. Homeowners have up to $ 200,000 in loans to repair or replace property that has been damaged or destroyed. Homeowners and renters are entitled to up to $ 40,000 to repair or replace damaged or destroyed personal property.

Interest rates are only 3% for businesses, 2% for nonprofits, and 1.25% for homeowners and renters with a loan period of up to 30 years.

The deadline for returning property damage claims is June 22, 2021. The deadline for returning economic damage claims is January 24, 2022.

In order to be considered for all forms of disaster relief, you can register online at Disaster Relief.gov, download the FEMA mobile app or call the FEMA helpline at 1-800-621-3362. To learn more about SBA disaster loans, go to DisasterLoan.sba.gov or call 1-800-659-2955 between 8 a.m. and 8 p.m. EST.

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