SBA sets deadline for eligible disaster loans from early April

June 23 deadline to apply for funding

(Story Courtesy of Kentucky Today)

FRANKFORT, Ky. (KT) – The U.S. Small Business Administration (SBA) is reminding eligible small businesses, private nonprofit organizations, homeowners and renters in Kentucky of the June 23 deadline to apply for low interest federal disaster loans to offset losses from physical damage caused by the severe weather and flooding in early April

The disaster declaration covers the primary counties of Anderson, Breckinridge, Bullitt, Butler, Calloway, Carroll, Christian, Clark, Daviess, Franklin, Garrard, Grayson, Hancock, Hardin, Hart, Henderson, Henry, Hopkins, Jefferson, Jessamine, LaRue, Lincoln, McCracken, McLean, Meade, Mercer, Muhlenberg, Nelson, Ohio, Oldham, Owen, Pendleton, Powell, Trimble, Warren, Webster and Woodford, which are eligible for both physical damage loans and Economic Injury Disaster Loans (EIDLs)from the SBA.

Small businesses and most private nonprofit (PNP) organizations in the following adjacent counties are eligible to apply only for SBA EIDLs: Allen, Ballard, Barren, Bourbon, Boyle, Caldwell, Campbell,  Carlisle, Casey, Crittenden, Edmonson, Estill, Fayette, Gallatin, Grant, Graves, Green, Harrison, Kenton, Lee, Livingston, Logan, Madison, Marion, Marshall, Menifee, Metcalfe, Montgomery, Pulaski, Rockcastle, Scott, Shelby, Simpson, Spencer, Taylor, Todd, Trigg, Union, Washington and Wolfe.

Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

Applicants may also be eligible for a loan increase of up to 20 percent of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

“One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans.”