Enhanced Federal Disaster Assistance Now Available to Industry Members
WASHINGTON, DC, July 3, 2008. The U.S. Small Business Administration (SBA) recently announced that the government is increasing help for disaster victims of the floods in the Midwest and fires in California that have adversely affected many businesses in the region, including AH&LA members and others in the hospitality industry.
SBA is authorized to make federally subsidized loans to repair or replace businesses, machinery and equipment, inventory and personal property which has sustained damages or been destroyed in a declared disaster and which is not covered by insurance.
Businesses which have been affected by disasters declared on or after May 22, 2008, now have immediate access to loans of up to $14,000 without collateral and a $500,000 increase in the disaster loan cap.
The benefits under SBA's Disaster Assistance program include:
o Increased Loan Limits: Eligible borrowers may take out a $14,000 loan without collateral, up from the previous $10,000 unsecured loan limit.
o Increased Disaster Loan Amounts: The disaster loan cap for businesses has increased from $1.5 million to $2 million. The 20 percent mitigation measure formula has changed from total loan eligibility to total loss eligibility.
o Economic Injury Disaster Loans to Nonprofits: SBA's Economic Injury Disaster Loan program now includes private, non-profit organizations of all sizes.
o Net Earnings Clauses Prohibited: Borrowers are not required to make a supplemental payment for the first five years after repayment begins.
To obtain a loan application, interested business owners should contact the SBA's Customer Service Center by calling 1-800-659-2955 (1-800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m.-9 p.m. and Saturday and Sunday 9 a.m.-6 p.m. EDT, or by emailing the SBA customer service center at [email protected].
Business disaster loan applications and other information can also be downloaded on the Internet from www.sba.gov/services/disasterassistance/. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
SBA representatives are also available at disaster recovery centers to issue loan applications, answer business owners' questions, and help complete applications. The agency is working with FEMA and state and local governments to ensure that all businesses impacted by the severe storms and flooding in Iowa, Indiana, Wisconsin and by the California wildfires receive support to recover their operations as quickly as possible.
For more information, contact Robert Baylor, director of legislative communications for AH&LA, at (202) 289-3120 or by email at [email protected].
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