SBA Key to Individual and Business Disaster Recovery in Arkansas

LITTLE ROCK, Ark. – The U.S. Small Business Administration is the largest source of federal recovery funds for disaster survivors and businesses, including those affected in the severe storms, tornadoes, straight-line winds and flooding between April 26 and May 19.

Low-interest disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.

Interest rates on SBA loans can be as low as 3.215 percent for businesses, 2.5 percent for private nonprofit organizations and 1.938 percent for homeowners and renters, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

To be considered for all forms of disaster assistance, survivors must first contact FEMA and register for disaster assistance. To register:

Call the FEMA Helpline at 800-621-3362. Multilingual operators are available. Persons who are deaf, hard of hearing or have a speech disability and use a TTY may call
800-462-7585. If you use 711 or VRS (Video Relay Service) or require accommodations while visiting a center, call 800-621-3362. The toll-free numbers are open daily from
7 a.m. to 10 p.m.Go online to DisasterAssistance.gov (also in Spanish);Download the FEMA mobile app (available in Spanish) at Google Play or the Apple App Store.

There are three ways to apply to SBA after you register with FEMA:

Call SBA at 800-659-2955. Individuals who are deaf or hard of hearing may call
800 877-8339.Apply online using the Electronic Loan Application via SBA’s secure website at: https://disasterloan.sba.gov/ela.Apply by mail: Complete a paper application and mail it to SBA at
14925 Kingsport Road, Ft. Worth TX 76155-2243.

Until Friday at 6 p.m., FEMA and SBA are providing one-on-one assistance to disaster loan applicants at State/FEMA Disaster Recovery Centers established in Conway (McGee Center), Faulkner County; Pocahontas (site of OLD Randolph County Nursing Center), Randolph County; and Fayetteville (Executive Airport), Washington County.

The Internal Revenue Service announced on its website certain tax relief provisions resulting from the disaster declaration, including extensions of filing deadlines for estimated tax payments. Those in the disaster area are automatically granted tax relief, but individuals and businesses not in the disaster designated counties impacted in the storm may call the IRS disaster hotline at
866-562-5227 to request relief, according to the agency’s website.

For updates on the Arkansas response and recovery, follow the Arkansas Department of Emergency Management (@AR_Emergencies) on Twitter and Facebook and adem.arkansas.gov. Additional information is available at fema.gov/disaster/4318.

###

FEMA’s mission is to support our citizens and first responders to ensure that as a nation we work together to build, sustain, and improve our capability to prepare for, protect against, respond to, recover from, and mitigate all hazards.

Original author: crystal.garner
NHC Eastern North Pacific Outlook
NHC Eastern North Pacific Outlook

Latest Videos

View all videos