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SBA offers economic injury disaster loans

THE Small Business Administration is providing low-interest, long-term disaster loans to businesses of all sizes, private, non-profit organizations, homeowners and renters to repair or replace uninsured or underinsured disaster damaged property.

“We also offer economic injury disaster loans for businesses that may or may not have sustained any damage, but have experienced a downturn in business because of the disaster,” said Cynthia R. Cowell, SBA public information officer, Office of Disaster Assistance, Field Operations Center-West.

There are two disaster declarations in the CNMI: one for Typhoon Mangkut, and one for Super Typhoon Yutu.

 Cowell said for Typhoon Mangkut, which occurred on Sept. 10-11, 2018, the filing deadline for businesses and residents to return loan applications for property damage is Nov. 28, 2018, while the deadline for businesses to return economic injury loan applications is July 1, 2019.

As for Super Typhoon Yutu, which occurred on Oct. 24, 2018, Cowell said the filing deadline for businesses and residents to return loan applications for property damage is Dec. 26, 2018 while the deadline for businesses to return economic injury loan applications is July 26, 2019.

“We recommend that residents and businesses file their insurance claims and register with [the Federal Emergency Management Agency] as soon as possible,” Cowell said.

“Please do not wait for insurance and FEMA to settle before applying for SBA assistance! SBA may be able to get money to those affected by the typhoon sooner than insurance can be settled, and we work with FEMA and insurance providers to make certain that no double-payments occur.”

If residents are referred to SBA by FEMA, Cowell said, “they must submit their applications and allow SBA to process to a decision.”

If approved, they are under no obligation to take the loan, she added.

“If we cannot approve a loan, we may refer them back to FEMA for further grant consideration.”

Cowell said if a referred applicant does not complete his application, he will not remain eligible for most FEMA programs.

 She said there were 19 approved SBA disaster loans for Typhoon Mangkut as of Nov. 7, 2018 in the total amount of $653, 800.

For Super Typhoon Yutu, she said one disaster loan had been approved as of Nov 7, 2018 in the amount of $98, 200.

Source: Marianas Variety : http://www.mvariety.com/cnmi/cnmi-news/local/108857-sba-offers-economic-injury-disaster-loans

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