Small Business Administration provides disaster assistance to Ky flood victims.

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WASHINGTON. (WSAZ) – The U.S. Small Business Administration (SBA) has announced low-interest disaster loans are available for Kentucky businesses and residents following deadly flooding.

“We are committed to providing federal disaster loans quickly and efficiently, with a customer-centric approach to helping businesses and communities recover and rebuild,” said SBA Administrator Isabella. Casillas Guzman.

The disaster declaration covers Breathitt, Clay, Knott, Letcher and Perry counties in Kentucky. People there are eligible for both physical and economic disaster loans from the SBA.

Small businesses and most private nonprofit organizations in the following counties can only apply for Economic Disaster Disaster Loans (EIDLs) from the SBA: Bell, Floyd, Harlan, Jackson, Knox, Laurel, Lee, Leslie, Magoffin, Owsley, Pike and Wolfe in Kentucky and Wise in Virginia.

Businesses and private non-profit organizations of any size can borrow up to $2 million to repair or replace real estate, machinery and equipment, inventory and other business assets damaged or destroyed by a disaster .

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofit organizations, the SBA offers Economic Disaster Loans (EIDLs). Economic disaster loan assistance is available whether or not the business has suffered property damage.

Disaster loans of up to $200,000 are available to homeowners to repair or replace property damaged or destroyed by the disaster. Landlords and tenants can receive up to $40,000 to repair or replace personal property damaged or destroyed by a disaster.

Applicants who have an existing SBA disaster loan can apply under this statement. Businesses and residents with previous SBA disaster loans and current applicants have up to two years from the date of their previous loan approval to apply for a loan increase for mitigation projects .

“The ability to include measures to help prevent future damage is a significant benefit of the SBA Disaster Loan Program,” SBA Associate Administrator Francisco Sanchez, Jr. said for a raise. from the SBA disaster loan for financing.

Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website. and must apply under SBA statement #17546.

You can also call the SBA Customer Service Center at 800-659-2955.

The deadline for filing property damage return claims is September 28, 2022. The deadline for returning financial injury claims is May 1, 2023.

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