SBA News Release

Tuesday, October 6th
October 5, 2020
Mary Louise (Miller) Vannoy
October 5, 2020

SBA News Release

 

 

U.S. Small Business Administration (SBA) - Irvine - Orange County SBDC

 

NEWS RELEASE
Disaster Field Operations Center East
Release Date: Oct. 2, 2020 Contact: Michael Lampton (404) 331-0333
Michael.Lampton@sba.gov
Release Number: 21-005, NC 16605/16606 Follow us on Twitter, Facebook, Blogs & Instagram
SBA Physical Disaster Loan Deadline in North Carolina is Oct. 26
For Businesses and Residents Affected by the Earthquake
ATLANTA – The U.S. Small Business Administration (SBA) encourages businesses of all sizes, private
nonprofit organizations, homeowners and renters to apply for a disaster loan before the Oct. 26 deadline.
Anyone in the declared counties in North Carolina with damages caused by the earthquake on Aug. 9, 2020
should apply for the disaster loan program.
The declaration covers Alleghany County and the adjacent counties of Ashe, Surry and Wilkes in North
Carolina; and Grayson in Virginia.
In accordance with health precautions for COVID-19, the SBA has not established a field presence to
assist survivors. However, SBA will continue to provide customer service and conduct outreach virtually
with webinars, skype calls, phone assistance and step-by-step application assistance. The SBA has
opened a Virtual Disaster Loan Outreach Center (VDLOC) to help survivors apply online using the Electronic
Loan Application (ELA) via the SBA’s secure website at https://DisasterLoanAssistance.sba.gov/. Virtual
customer support representatives are available to help applicants complete the online application during
these hours:
Virtual Disaster Loan Outreach Center (VDLOC)
Open: Daily
Hours: 8 a.m. – 8 p.m. Eastern Time
FOCE-Help@sba.gov
Phone: (800) 659-2955
Survivors should contact the SBA’s Disaster Customer Service Center at (800) 659-2955 for assistance
in completing their loan applications. Requests for SBA disaster loan program information may be
obtained by emailing FOCE-Help@sba.gov. The SBA will conduct extensive outreach to ensure that
those affected by the disaster have an opportunity to apply for assistance.
Businesses of any size and private 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.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most
private nonprofit organizations, 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.
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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.
Interest rates are as low as 3 percent for businesses, 2.75 percent for private nonprofit organizations,
and 1.188 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set
by the SBA and are based on each applicant’s financial condition.
Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the
SBA for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter,
sump pump, French drain or retaining wall to help protect property and occupants from future damage
caused by a similar disaster.
Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at
https://DisasterLoanAssistance.sba.gov/.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s
Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing
DisasterCustomerService@sba.gov. Loan applications can also be downloaded at www.sba.gov. Completed
applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center,
14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Oct. 26, 2020. The deadline to
return economic injury applications is May 27, 2021.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to
resource and voice for small businesses backed by the strength of the federal government, the SBA empowers
entrepreneurs and small business owners with the resources and support they need to start, grow or expand their
businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices
and partnerships with public and private organizations. To lea