Need financial assistance through IDA? SBA Offers NJ Residents Low Interest Loans

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Floods and the deadly storm IDA have taken their toll here in the Garden State. There are new Fed loans, offering very low interest rates and long term payment plans.

The U.S. Small Business Administration (SBA) provides long-term, low-interest disaster loans to homeowners, tenants, businesses of all sizes, and nonprofits to repair or replace property damaged by Hurricane Ida. The interest rate for homeowners and renters is as low as 1.563% with terms of up to 30 years.

Businesses of all sizes can borrow up to $ 2 million to repair and / or replace damaged buildings, inventory, supplies and other business assets. Small businesses can also apply for economic disaster loans to help them pay the bills they might have paid had the disaster not happened.

Homeowners can borrow up to $ 200,000 to repair their primary residence, and tenants and homeowners can borrow up to $ 40,000 to replace damaged home contents, including furniture, appliances and cars.

The deadline to apply for a property damage disaster loan is November 4, 2021. The deadline to apply for an economic disaster loan is June 6, 2022. Individuals and businesses can find more information and apply online on catastropheloanassistance.sba.gov Individuals and businesses can call (800) 659-2955 for any questions regarding nominations.

Residents and businesses can also get one-on-one assistance with completing their claims at a FEMA Disaster Recovery Center (DRC) or SBA Disaster Recovery Center (BRC).

Here is the full version of SBA.

US Small Business Administration Low Interest Disaster Loans Available
to businesses and residents of New Jersey following news of presidential disaster
declaration due to the remnants of Hurricane Ida from September 1-3, 2021.
“The SBA is strongly committed to providing New Jersey residents with the most effective response possible to assisting businesses, homeowners and tenants with federal disaster loans. Getting businesses and communities up and running after a disaster is our top priority, ”said SBA Administrator Isabella Casillas Guzman.

The disaster declaration covers the counties of Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset, Union and Warren in New Jersey, which are eligible for physical and economic disaster loans from the SBA. Small businesses and most private nonprofits in the following adjacent counties can only apply for economic disaster loans from the SBA: Atlantic, Burlington, Camden, Cumberland, Monmouth, Salem and Sussex in New Jersey; New Castle in Delaware; Bronx, New York, Orange, Rockland and Westchester in New
York; and Bucks, Delaware and Philadelphia, Pennsylvania.

Businesses and private nonprofits of any size can borrow up to $ 2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Applicants may be eligible for an increase in the loan amount up to 20 percent of their physical damage, as verified by the SBA, for mitigation purposes. Qualifying mitigation upgrades may include a sump pump, elevation, French drain, or retaining wall to help protect the property and occupants from future damage from a similar disaster.
For small businesses, small agricultural cooperatives, small businesses active in aquaculture, and most private non-profit organizations, the SBA offers economic disaster loans to help meet the working capital needs caused. by disaster. Economic Damage Claim Assistance is available whether or not the business has suffered property damage.

Disaster loans of up to $ 200,000 are available to homeowners to repair or replace real estate damaged or destroyed by a disaster. Homeowners and tenants are entitled to up to $ 40,000 to repair or replace personal property damaged or destroyed by a disaster. Interest rates are as low as 2.855% for businesses, 2% for nonprofits and
1.563 percent for owners and tenants, with terms of up to 30 years. The amounts and conditions of the loan are
set by the SBA and are based on each candidate’s financial situation.

Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at
https://disasterloanassistance.sba.gov/ela/s/, and should apply under SBA Statement # 17xxx, not for the COVID-19 incident.
To be considered for all forms of disaster assistance, applicants should register online at
DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is not available, applicants should call the FEMA toll-free helpline at 800-621-3362. Those using 711 relay or video relay services should call 800-621-3362.

Businesses and individuals can also obtain information and loan applications by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing) or by sending an email to [email protected] Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline for returning property damage claims is November 4, 2021. The deadline for returning economic damage claims is June 6, 2022.


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