Businesses and residents in the region impacted by storms and flooding in June have until Aug. 26 to apply for recovery assistance offered through the Office of Disaster Assistance within the U.S. Small Business Administration (SBA).
In late June, acting on a request from N.C. Gov. Roy Cooper, the SBA made low-interest loans available for those affected by flooding in early June.
The declaration covers Mecklenburg and Catawba counties and the adjacent counties of Iredell, Lincoln, Gaston, Cabarrus, Alexander, Burke, Caldwell and Union in North Carolina, and Lancaster and York counties in South Carolina.
“The SBA is strongly committed to providing the people of North Carolina, with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Christopher Pilkerton, acting SMA administrator. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”
Mike Arriola, the SBA’s acting district director, added that “businesses 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.”
Karen Knapik, a public affairs specialist with the SBA’s disaster assistance office, said earlier this week that 64 applications have been completed. A temporary regional response office was established at the Charlotte Fire Department’s facility at 2001 Mt. Holly-Huntersville Road in Charlotte, but it was scheduled to close Thursday, July 11. Complete information about the program, applications and processes is available at disasterloan.sba.gov.
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. Assistance is available regardless of whether the business suffered any physical property damage.
In addition, homeowners can also qualify for help.
“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate,” Kem Fleming, from the SBA’s Field Operations Center East in Atlanta, said. “Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.”
Applicants may be eligible for a loan amount 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.
The filing deadline to return applications for physical property damage is Aug. 26. The deadline for economic injury applications is March 27, 2020.
Types of disaster loans available include:
• Business Physical Disaster Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
• Economic Injury Disaster Loans are working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
• Home Disaster Loans to homeowners or renters are to repair or replace disaster-damaged real estate and personal property, including automobiles.