Deadline for SBA Physical Disaster Loans for Nonprofits is March 7 | WPKY 103.3 FM

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The U.S. Small Business Administration (SBA) reminds eligible Kentucky private nonprofits (PNPs) of the March 7 deadline to submit disaster loan applications for physical damage caused by severe storms , straight-line winds, flooding and tornadoes on December 10. 11.

SBA officials say the private nonprofits of Caldwell, Christian, Hopkins and Lyon are among sixteen counties eligible to apply. Officials say examples of eligible noncritical private nonprofit organizations include, but are not limited to, food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

According to SBA officials, private nonprofit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. They say the interest rate is 1.875%, with terms up to 30 years. Applicants may be eligible for an increase in the loan amount up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation upgrades may include a safe room or storm shelter, sump pump or French drain to help protect property and occupants from future damage from a similar disaster.

Officials say the SBA also offers economic disaster loans to help meet working capital needs, such as day-to-day operating expenses of private nonprofits, whether or not the organization has suffered property damage.

SBA officials are urging private nonprofit organizations to contact their county’s emergency manager to provide information about their organization. This information will then be submitted to FEMA to determine eligibility for a public assistance grant or whether the private nonprofit organization should be referred to the SBA for disaster loan assistance.

Applicants can apply online using the Electronic Loan Application (ELA) through the SBA’s secure website at DisasterLoan.sba.gov/ela/s/ and should apply under SBA statement #17303, not for the COVID-19 incident. Disaster loan information and application forms can also be obtained by calling the SBA Customer Service Center at 800-659-2955 ((800)-877-8339 for the deaf and hard of hearing) or by emailing [email protected] govt. Loan applications can also be downloaded at sba.gov/disaster. Completed paper applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

SBA officials say the deadline for submitting property damage claims is March 7. The deadline for submitting economic injury claims is October 6, 2022.

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