The U.S. Small Business Administration has announced that the deadline to apply for disaster assistance regarding physical damages loans has been extended for counties impacted by recent severe weather.
The new deadline for filing to receive a low-interest loan is July 25 and includes counties that were in a disaster declaration early this year, and that include Christian, Todd, Trigg, Muhlenberg, Logan, Livingston, Caldwell, Hopkins and numerous others, along with Montgomery and Stewart counties in Tennessee. Surrounding counties are also eligible for Economic Injury Disaster Loans through the SBA.
Small businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Disaster survivors don’t have to wait to settle with their insurance company before applying for a disaster loan—if you don’t know how much of the loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.
To apply, go online to sba.gov/disaster, or call 1-800-659-2955.