SBA Approved Over $560M into New York After Sandy

The U. S. Small Business Administration has approved over $560 million in disaster assistance loans for residents and businesses in New York affected by Hurricane Sandy and is eager to do more.

“Currently 8,234 disaster loans have been approved in the amount of $561,622,900 for affected survivors,” said Frank Skaggs, director of SBA’s Field Operations Center East in Atlanta. “We are pleased to get these loans approved so residents in the disaster area can start to rebuild and resume their normal lives. However, there are many who have yet to apply. Some survivors are hesitant to take on additional debt or are waiting on insurance, however, waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance,” added Skaggs.

Returning the loan application is an essential part of the disaster recovery process. A completed SBA disaster loan package enables survivors to make informed decisions about what recovery options best suit their needs. Furthermore, if a survivor does not know how much of their loss will be covered by insurance or other sources, SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela or visit one of the local recovery centers for one-on-one assistance.

For more information, contact the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by visiting www.sba.gov.

The filing deadline to return applications for physical property damage has been extended toJanuary 28, 2013. The deadline to return economic injury applications is July 31, 2013.

Source: U.S. Small Business Administration