Loans for Businesses
of all Sizes, Homeowners and Renters
SBA Disaster Assistance – Field Operations
Center- East – 101 Marietta Street, NW, Suite 700, Atlanta, GA 30303
Release Date: December 3, 2015 Contact:
Release Number: 16-080 Email: Michael.Lampton@sba.gov
SBA Reopens Disaster Loan Filing Period
for Superstorm Sandy Survivors
WASHINGTON – The U.S. Small Business Administration
(SBA) announced it has reopened the filing period
for survivors in all states
affected by Superstorm Sandy on December 2, 2015 to apply for low-interest
The new filing deadline
for physical damage and economic injury losses is December 1, 2016.
“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,” said SBA
Maria Contreras-Sweet. “I
want to thank the chairmen and ranking members of the Senate and House Small
Committees for their leadership on this issue. We look forward to working with them to make
sure the needs of small
businesses are met.”
The recently approved Recovery Improvements for Small Entities (RISE)
After Disaster Act of 2015 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
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.
SBA will open disaster centers across select counties in the affected
areas and review activity levels on a continuous basis.
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
For small businesses, small
agricultural cooperatives, small businesses engaged in aquaculture and most
private non-profit organizations,
the SBA offers Economic Injury Disaster Loans
to help meet working capital needs caused by the disaster. Economic Injury
Loan assistance is available regardless of whether the business
suffered any physical property damage.
Disaster loans up to $200,000 are
available to homeowners to repair or replace disaster damaged or destroyed real
and renters are
eligible up to $40,000 to repair or replace disaster damaged or destroyed
Interest rates are as low as 1.688
percent for homeowners and renters, 3 percent for non-profit organizations and
4 percent for businesses
with terms up to 30 years. Loan amounts and terms are set by the SBA and
are based on each applicant’s financial condition.
Survivors may apply online using the Electronic Loan Application (ELA)
via SBA’s secure website at https://disasterloan.sba.gov/ela.
Additional details on the
locations of recovery centers and the loan application process can be obtained
by calling the SBA Customer
Service Center at 800-659-2955 (800-877-8339 for the deaf and
hard-of-hearing) or by sending an email to firstname.lastname@example.org.
The filing deadline to return applications for physical
property damage is December 1, 2016. The deadline to return economic injury
applications is December 1, 2016.
information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.