SBA Reopens Loan Application Period for Superstorm Sandy Survivors

iStock_000022095331Sandy(web).jpg

Hurricane Sandy damage
(Photo: © iStockphoto / Andrii Gatash)

Staff Writer |

Low-interest disaster assistance loans available to businesses, others

NEW YORK — The U.S. Small Business Administration (SBA) has reopened the filing period for survivors in all states affected by Superstorm Sandy to apply for low-interest disaster loans. The new filing deadline for physical damage and economic injury losses is Dec. 1.

Superstorm Sandy impacted New York, New Jersey and other areas along the East Coast, causing catastrophic damage in October 2012.

“The additional time for businesses, homeowners and renters to request federal disaster loans will go a long way in continuing to support the rebuilding efforts of the communities affected by Superstorm Sandy,” says Maria Contreras-Sweet, SBA administrator.

In December, Congress passed and President Obama signed into law the Recovery Improvements for Small Entities (RISE) After Disaster Act of 2015, which gives the SBA administrator the authority to make disaster loans for Superstorm Sandy for a period of one year.

The bill authorizes SBA to revise the disaster deadline for major Presidential declarations for Superstorm Sandy in Connecticut, Maryland, New Jersey, New York and Rhode Island. Additionally, SBA will be accepting applications under its related agency declarations for North Carolina, Puerto Rico, Virginia, West Virginia and certain counties in Maryland.

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

To learn more about the loan application process, call the SBA Customer Service Center at 800-659-2955 or e-mail disastercustomerservice@sba.gov.

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