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Relief for businesses affected by Hurricane Ida
The filing deadline to return applications for physical property damage expired on January 4, 2022. Orange County residents and businesses unable to meet the Jan. 4 deadline should provide a statement on their application explaining they are filing late due to the recent inclusion of Orange County in the declaration
The U.S. Small Business Administration (SBA) announced that NYC’s five boroughs, Long Island, as well as Westchester, Rockland, Orange and Putnam Counties were part of the Hurricane Ida disaster declaration, making businesses and most private nonprofit organizations eligible for financial assistance.
Businesses of all sizes and private nonprofit organizations in the impacted counties may be eligible for up to $2 million as a SBA Business Physical Disaster Loan to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets not fully covered by insurance. Applicants may also be eligible for Economic Injury Disaster Loans (EIDL) through the SBA to help meet working capital needs caused by the disaster, regardless of whether the business suffered any physical property damage. A business may qualify for both an EIDL working capital and physical disaster loan, with the maximum combined loan amount of $2 million based on your actual economic injury and your company's financial needs
The interest rate is as low as 2.88% for small 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. Further, applicants may be eligible for a loan amount increase up to 20% of their physical damages for mitigation purposes, including a sump pump, elevation, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov. Applicants may apply online via https://disasterloanassistance.sba.gov/ela/s/ under SBA declaration #17147. For further information, applicants can call the SBA’s Customer Service Center at 1-800-659-2955 or email DisasterCustomerService@sba.gov.
Keep in mind that this relief program is separate from EIDL funding support provided to small businesses to aid recovery from the impacts of COVID-19.
For additional clarity on this program and for personalized, one-to-one advice, we encourage you to meet with a Pace SBDC business advisor.
