2 Weeks Left To Apply For Sandy Disaster Loans From SBA

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STATE — Survivors of Hurricane Sandy in New Jersey have until Wednesday, Jan. 30, to return their applications for low-interest disaster loans from the Small Business Administration. That is also the deadline to register for disaster assistance from the Federal Emergency Management Agency.

The quickest way to apply for an SBA disaster home or business loan is filling out an online application at https://disasterloan.sba.gov/ela.

Ways to register with the Federal Emergency Management Agency:

  • Online at www.DisasterAssistance.gov
  • Via smartphone or tablet at m.fema.gov
  • Call the 24-hour numbers 1-800-621-3362 or (TTY) 1-800-462-7585
  • For 711-Relay or Video Relay Services (VRS) call 1-800-621-3362
  • A FEMA Language Assistance Line is available for those who need interpretation services in languages other than English or Spanish. Call: 1-866-333-1796.

The U.S. Small Business Administration is the primary source of federal funds for long-term rebuilding. In most cases, FEMA funds will not cover all of the repair needs of homeowners. Money for a temporary rental home is the form of help FEMA largely provides so obtaining a low-interest SBA disaster loan is a survivor’s best option for repairing their home and replacing property.

People can apply to SBA before settling with their insurance company. Applying by the deadline can avoid a shortfall in rebuilding money if survivors later discover they are underinsured.

By returning the SBA loan application, homeowners may be eligible for up to $200,000 to repair
or replace their storm-damaged home. Homeowners and renters may be eligible for up to $40,000
for replacement of personal property such as clothing, furniture, cars and appliances.

There is no obligation to accept an SBA disaster home loan and homeowners and renters may become eligible for additional FEMA grants if they are not approved for a loan.

For businesses and private nonprofit organizations, the SBA may loan up to $2 million to repair
or replace storm-damaged property.

For additional information on SBA, contact the customer service center by calling 1-800-659-2955
(for people who are deaf or hard of hearing TTY 1-800-877-8339), emailing disastercustomerservice@sba.gov or visiting sba.gov.

 


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