Deadlines near for SBA property damage, economic injury loans

U.S. Small Business Administration Administrator Linda McMahon announced that the SBA has approved more than $509 million in federal disaster loans for Texas businesses and residents affected by Hurricane Harvey.
According to McMahon, the SBA has approved 446 loans for $42,110,500 for businesses and 5,566 loans for $467,661,300 for residents to help rebuild and recover from this massive storm.
It’s important that those who have not yet applied for an SBA loan but desire to note two important deadlines.
The deadline to apply for property damage is Tuesday, Oct. 24. The deadline to apply for economic injury is May 25, 2018.
The first deadline pertains to businesses of all sizes and private nonprofit organizations who wish to borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to help businesses and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.
The second deadline is for small businesses and most private nonprofit organizations of all sizes. SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.
In addition, disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.
The deadline to apply for property damage for homeowners and renters is Tuesday, Oct. 24.
Businesses and residents who sustained damages should first register with the Federal Emergency Management Agency by visiting www.DisasterAssistance.gov. This is the fastest way to get help. You don’t need to wait for your insurance settlement or contractor’s estimate before registering for assistance.
Susheel Kumar, public information officer for the U.S. Small Business Administration’s Office of Disaster Assistance, told the Business Journal that officials from his office set up 43 Disaster Recovery Centers in Texas counties affected by Hurricane Harvey to meet with business owners and residents to answer questions about SBA’s disaster loan program, explain the application process, help complete loan forms, and close approved loans.
“We’re here as long as the state needs us,” Kumar said.

Disaster recovery centers in Southeast Texas where businesses and homeowners can apply and get counseling for SBA loans are:

Orange County

Mobile DRC
Orange County Convention and Expo Center
11475 FM 1442, Orange
Monday-Saturday 9 a.m.-6 p.m., closed Sunday
9 a.m. - 6 p.m.

Vidor Police Station

(Building behind Police Department)

695 E. Railroad St., Vidor

Monday-Saturday 9 a.m.-6 p.m., closed Sunday

9 a.m. - 6 p.m.

Hardin County

Pinewood Fire Station
333 Commercial Drive, Sour Lake
Monday-Saturday, 9 a.m. – 7 p.m.
Sunday, noon – 5 p.m.

Jefferson County
Gateway Plaza
(former Goodwill store)
3871 Stagg Drive, Unit 166, Beaumont
Monday-Sunday, 7 a.m. – 7 p.m.

Lamar University – Center for Innovation
Commercialization and Entrepreneurship (CICE)
5091 Rolfe Christopher Drive, Beaumont
Monday-Friday, 8 a.m. – 6 p.m.
Saturday-Sunday, 9 a.m. – 4 p.m.

Christus Hospital St. Mary
Gates Professional Building (entrance on the back and to the left of the hospital main entrance)
3600 Gates Blvd., Port Arthur
Monday-Sunday, 7 a.m. – 7 p.m.

Central Mall
3100 E. FM 365, Port Arthur
Monday-Saturday, 9 a.m. to 7 p.m.
Sundays, noon to 5 p.m.

Applicants may apply online using SBA’s secure website at disasterloan.sba.gov/ela.
Applicants may receive additional disaster assistance information by visiting www.sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or e-mail disastercustomerservice@sba.gov (link sends e-mail) for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Photo by Kevin King - Disaster Support Assistant Wesley Parker helps Stacey DuBose apply for an SBA loan for her business, White Glove Cleaning Services, at the SBA Disaster Recovery Center at the Vidor Police Station on Wednesday, Oct. 4.

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