Menendez, Booker: Deadline Approaching for NJ Sandy Survivors to Apply for Low-Interest SBA Loans
"This new round of federal assistance through the SBA is helping New Jerseyans get back on their feet and move the state closer to full recovery from Sandy, but time is running out to take advantage of this limited opportunity for low-interest, long-term loans that can help finish repairs to homes and businesses damaged by the storm," said
"New Jerseyans have now worked diligently for over four years to put our state back together and navigate the lengthy rebuilding process in the wake of Superstorm Sandy," said
Through the SBA's program, homeowners can receive up to
In the past year since the eligibility period was reopened, SBA has approved a combined
Interest rates are as low as 1.688% for homeowners and renters, 3% for non-profit organizations and 4% for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant's financial condition.
Disaster loan information and application forms may also be obtained by calling the
Superstorm Sandy Relief and Disaster Loan Program Improvement Act of 2015:
* Reopens Sandy Disaster Assistance Applications
There are Sandy survivors who did not apply for disaster loans, due to: inaccurate information, a preference for grants, duplication of benefits concerns, etc. Many others believed their flood insurance proceeds and federal grants would address their unmet needs, but now find they do not have the resources to rebuild. For these reasons, the bill requires SBA to reopen the Sandy disaster assistance loan program for one year.
* Safe Rooms
Use of physical damage loans to mitigate future damages from disasters is limited to protection of property. This section expands the permitted uses of physical damage loans to include safe rooms to protect from tornadoes.
* Reduces Closing and Disbursement Delays
In response to avoidable delays caused by applicants not including all materials with their initial application by requiring SBA to inform applicants that submitting all application materials initially will result in faster processing times.
* Disaster Plan Improvements
In response to long application processing times, SBA is required to revise its disaster response plan and develop plans to mitigate sharp increases in applications.
The Superstorm Sandy Relief and Disaster Loan Program Improvement Act represents just the latest federal effort lead by
Read this original document at: https://www.menendez.senate.gov/news-and-events/press/menendez-booker-deadline-approaching-for-nj-sandy-survivors-to-apply-for-low-interest-sba-loans_
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