PEARL, Miss. (MEMA) – Three counties in Mississippi are now eligible for U.S. Small Business Administration assistance due to Hurricane Sally beginning September 14, 2020.
Those counties are: George, Greene, Jackson.
In those counties, small businesses and most private nonprofit organizations are eligible to apply only for SBA Economic Injury Disaster Loans. MEMA did not receive any damage reports regarding homes from Hurricane Sally.
In accordance with health precautions for COVID-19, the SBA will not establish a field presence to assist survivors. However, the 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/Business Recovery Center to help survivors apply online using the Electronic Loan Application 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/Business Recovery Center (VDLOC/VBRC)
Open: Daily
Hours: 8 a.m. – 8 p.m. EDT
Phone: (800) 659-2955
Survivors should contact the SBA’s Disaster Customer Service Center at (800) 659-2955 to schedule an appointment for assistance in completing their loan applications. Requests for SBA disaster loan program information may be obtained by emailing [email protected]. The SBA will conduct extensive outreach to ensure that those affected by the disaster have an opportunity to apply for assistance.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. 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.
Interest rates are as low as 3 percent for businesses and 2.75 percent for nonprofit organizations 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 apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://DisasterLoanAssistance.sba.gov/.
The filing deadline to return applications for physical property damage is Nov. 19, 2020. The deadline to return economic injury applications is June 21, 2021.
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