REP. PASCRELL APPLAUDS U.S. SMALL BUSINESS ADMINISTRATION’S ASSISTANCE FOR HOMEOWNERS, RENTERS, AND BUSINESSES RECOVERING FROM HURRICANE IRENE
President’s disaster declaration made $200,000 low-interest loans available to homeowners.
WASHINGTON, DC – September 5, 2011 – (RealEstateRama) — U.S. Rep. Bill Pascrell, Jr. (D-NJ-8) today applauded the U.S. Small Business Administration’s assistance for homeowners, renters, and businesses recovering from the effects of Hurricane Irene.
“For the many people who are struggling to rebuild their lives and livelihoods after this week’s storm and flooding, this news amounts to one very simple fact: help is on the way,” said Pascrell, who urged President Obama to declare a major disaster area for the regions in New Jersey that were affected by Hurricane Irene. “While so much of what our neighbors lost may never be replaced, this federal assistance will help homeowners restore their properties, families and businesses make repairs, and communities picks of the pieces and work toward resuming their lives. I urge all residents affected by the storms seeking assistance to call 800-621-FEMA, or use DisasterAssistance.gov, to register with FEMA and get in the system.”
The disaster declaration covers the counties of Bergen, Essex, Morris, Passaic and Somerset in New Jersey, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.
Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. The SBA may increase a loan up to 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 2.5 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.
To be considered for all forms of disaster assistance, call the Federal Emergency Management Agency (FEMA) at 800-621-FEMA (3362), (TTY) 800-462-7585 for the deaf and
hard-of-hearing. Additional details on the locations of Disaster Recovery Centers and the loan application process can be obtained by calling the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice (at) sba (dot) gov.
Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov/ela/.
The filing deadline to return applications for physical property damage is October 31, 2011.
The deadline to return economic injury applications is May 31, 2012.
Contact:
Paul Brubaker (973) 523-5152
