As reported by Local Profile, in September, the United States Small Business Administration (SBA) issued a disaster declaration for Collin, Denton, Dallas, Ellis, Kaufman, Rockwall and Tarrant counties after the disastrous rains and floodings that hit the region in August. The deadline to report property damage is November 14.
In a statement released on November 4, the SBA encouraged residents and business owners to apply for the loan, even if they are unsure if they are not sure if they need one. SBA loans are designed to be the primary source of funding to pay for repair or replacement costs that exceed what’s covered by insurance companies.
“SBA’s mission-driven team stands ready to help Texas’s small businesses and residents impacted by the severe storms and flooding,” said Administrator Guzman in an official statement in September. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.”
All companies and residents affected by the extreme weather between August 22 and 25 are eligible to apply for low-interest disaster loans. To cover any combination of property damage or economic injury, businesses can borrow up to $2 million and are also able to apply for low-interest working capital loans called economic injury disaster loans (EIDL). The deadline to apply for EIDL is June 14, 2023.
“Low-interest federal disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters whose property was damaged or destroyed by this disaster,” said SBA’s Director Tanya N. Garfield. Homeowners on the other hand can borrow up to $200,000 to repair the property and renters can borrow up to $40,000 to replace personal property.
Anyone interested in applying for the relief program can do so on SBA’s website at https://disasterloan.sba.gov/ela, in person at any disaster loan outreach center, or by calling SBA at (800) 659-2955.
