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On Dec. 2, 2015, the U.S. Small Business Administration announced it reopened the filing period for survivors in all states affected by Superstorm Sandy to apply for low-interest disaster loans. The filing deadline for physical damage and economic injury losses is Dec. 1, 2016.
The 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. It authorizes SBA to revise the disaster deadline for major Presidential declarations for Superstorm Sandy in Connecticut, Maryland, New Jersey, New York and Rhode Island. SBA will be accepting applications under its related agency declarations for North Carolina, Puerto Rico, Virginia, West Virginia and certain counties in Maryland.
Disaster centers will open in select counties in the affected areas and review activity levels on a continuous basis.
Business and 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. Homeowners are eligible for a disaster loan up to $200,000 to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
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.