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SBA Disaster Assistance Update on Extension Deadline

SBA Disaster Assistance has issued an update extending the deadline for applying for damages.


The disaster recovery center is for individuals who need one-one assistance from our customer service representatives. SBA disaster assistance is available to homeowners, renters, businesses, and nonprofit organizations including places of worship. Individuals from designated counties can also apply online at https://lending.sba.gov. All indicated in fact sheet. They also have a customer service number 1800-659-2955. The deadline has been extended to August 16, 2024, for physical damage loans and the economic injury disaster loans are February 18, 2025. There is a 12-month deferment on our disaster loans with 0% interest and no accrual from the date of your first disbursement. These disaster loans also have a relocation and refinance option.


Here is a quick update.


Low-interest federal disaster loans are now available to Texas businesses and residents as a result of the Severe Storms, Flooding, Tornadoes, and Straight-line Winds that occurred on April 26 through June 5.


The Presidential Declaration covers primary countries in which they are eligible for both physical damage loans and economic injury disaster loans for Austin, Bell, Calhoun, Collin, Cooke, Coryell, Dallas, Denton, Eastland, Falls, Guadalupe, Hardin, Harris, Henderson, Hockley, Jasper, Jones, Kaufman, Lamar, Leon, Liberty, Montague, Montgomery, Newton, Polk, San Jacinto, Smith, Trinity, Tyler, Van Zandt, Walker & Waller;

For Economic Injury only in the contiguous Texas counties of: Anderson, Angelina, Aransas, Bailey, Bexar, Bosque, Brazoria, Brazos, Brown, Burnet, Caldwell, Callahan, Chambers, Cherokee, Clay, Cochran, Colorado, Comal, Comanche, Delta, Ellis, Erath, Fannin, Fayette, Fisher, Fort Bend, Franklin, Freestone, Galveston, Gonzales, Grayson, Gregg, Grimes, Hale, Hamilton, Haskell, Hays, Houston, Hunt, Jack, Jackson, Jefferson, Lamb, Lampasas, Limestone, Lubbock, Lynn, Madison, Matagorda, McLennan, Milam, Navarro, Nolan, Orange, Palo Pinto, Rains, Red River, Refugio, Robertson, Rockwall, Rusk, Sabine, San Augustine, Shackelford, Stephens, Stonewall, Tarrant, Taylor, Terry, Upshur, Victoria, Washington, Wharton, Williamson, Wilson, Wise Wood & Yoakum;


Attached:

SBA Fact Sheet


The deadline for physical damage is August 16, 2024. For Economic Injury Disaster Loan, the deadline is February 18, 2025.


We encourage people to complete the SBA application even if they are not sure if they need it yet. If approved the loan becomes an option.


Businesses


Property Damage: up to $2,000,000 to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed (available to businesses of any size and private, non-profit organizations).


Economic Injury: for businesses and private non-profit organizations suffering adverse financial impacts of the disaster (with or without property loss), up to $2,000,000 for working capital to help pay obligations until normal operations resume.


Individuals and Families


Homeowners: up to $500,000 to repair or replace real estate damage and up to $100,000 to replace personal property.


Renters: up to $100,000 to repair or replace personal property.


Interest rates can be as low as 4 percent for businesses, 3.25 percent for private nonprofit organizations and 2.68 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.


Applicants may apply online and receive additional disaster assistance information at https://lending.sba.gov. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call 711.



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