Low-interest federal disaster loans are now available to businesses and residents in Parker and Palo Pinto counties, two of 77 Texas counties covered by President Joe Biden’s major disaster declaration, U.S. Small Business Administration’s acting Administrator Tami L. Perriello said.
“SBA is strongly committed to providing Texas with the most effective and customer-focused response possible and with access to federal disaster loans to help businesses and residents affected by this disaster,” she said. “Getting our businesses and communities up and running after a disaster is our highest priority at SBA.”
In consideration of the public health concerns due to the COVID-19 pandemic, SBA Tuesday established a Virtual Business Recovery Center to provide personalized assistance to business owners. In addition, SBA will also open a Virtual Disaster Loan Outreach Center to help homeowners and renters. Customer service representatives will be available to business owners and individuals to answer questions about SBA’s disaster loan program, explain the application process and help each person complete their electronic loan application.
WHAT YOU NEED TO KNOW
SBA disaster loans are the primary source of federal assistance to help pay for disaster repair or replacement costs not fully covered by insurance or other compensation.
SBA offers low-interest disaster loans to businesses of all sizes, most private nonprofit organizations, homeowners and renters.
Businesses of all sizes and most private nonprofit organizations may borrow up to $2 million for property damage.
Small businesses, small businesses engaged in aquaculture and most private, nonprofit organizations may also borrow to help meet disaster caused working capital needs. Business statutory loan limit is $2 million for combined damage and working capital needs.
Homeowners may borrow up to $200,000 to repair/replace their primary residence.
Homeowners and renters may borrow up to $40,000 to repair/replace personal property.
WHAT YOU NEED TO DO
Register with FEMA at www.disasterassistance.gov.
Homeowners and renters should submit their SBA disaster loan application, even if they are not sure if they will need or want a loan. If SBA cannot approve your application, in most cases we refer you to FEMA’s Other Needs Assistance (ONA) program for possible additional assistance.
Apply online at sba.gov or contact the SBA Virtual Business Recovery Center or SBA Virtual Disaster Loan Outreach Center Monday through Friday from 7 a.m. – 7 p.m. at FOCWAssistance@sba.gov or (800) 659-2955.