Current Declared Disasters
Current declared disasters are shown below. Select a state and then a county and click the Filter button to limit the displayed disasters. For Presidential and SBA Agency declared disasters, click on the Incident to view more information about the declaration. Link here to see what is available in your state - https://disasterloan.sba.gov/ela/Declarations
Apply For A Disaster Loan
You can apply online for all types of SBA disaster assistance loans. The online application is the fastest method to receive a decision about your loan eligibility. You have the option of submitting a paper application by mail. For either application, you must submit the completed loan application and a signed and dated IRS Form 4506-T giving permission for the IRS to provide SBA your tax return information. Apply online - https://disasterloan.sba.gov/ela/Account/Login
Types of Disaster Loans SBA provides low-interest, long-term loans for physical and economic damage caused by a declared disaster. Learn more about home and personal property, business and economic injury loans.
About Disaster Loans The U. S. Small Business Administration (SBA) provides low-interest, long-term disaster loans to businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace uninsured/underinsured disaster damaged property. SBA disaster loans offer an affordable way for individuals and businesses to recover from declared disasters. by the SBA
The SBA low-interest loans have a three step process.
Step one -
Apply: 1) online; 2) in-person at a disaster center; or 3) by mail. Apply online at the SBA’s secure website disasterloan.sba.gov/ela. As a business of any size, you may borrow up to $2 million for physical damage. As a small business, small agricultural cooperative, small business engaged in aquaculture, or private non-profit organization you may borrow up to $2 million for Economic Injury. As a small business, you may apply for a maximum business loan (physical and EIDL) of $2 million. As a homeowner you may borrow up to $200,000 to repair/replace your disaster damaged primary residence. As a homeowner or renter, you may borrow up to $40,000 to repair/replace damaged personal property
Step two -
SBA reviews your credit before conducting an inspection to verify your losses. An SBA verifier will estimate the total physical loss to your disaster damaged property. A loan officer will determine your eligibility during processing, after reviewing any insurance or other recoveries. SBA can make a loan while your insurance recovery is pending. A loan officer works with you to provide all the necessary information needed to reach a loan determination. Our goal is to arrive at a decision on your application within 2 - 3 weeks. A loan officer will contact you to discuss the loan recommendation and your next steps. You will also be advised in writing of all loan decisions.
Step three -
SBA will prepare and send your Loan Closing Documents to you for your signature. Once we receive your signed Loan Closing Documents, an initial disbursement will be made to you within 5 days: Physical damage: $25,000 Economic injury (working capital): $25,000 (In addition to the Physical damage disbursement) A case manager will be assigned to work with you to help you meet all loan conditions. They will also schedule subsequent disbursements until you receive the full loan amount. Your loan may be adjusted after closing due to your changing circumstances, such as increasing the loan for unexpected repair costs or reducing the loan due to additional insurance proceeds.
Link to this detailed information - https://disasterloan.sba.gov/ela/Documents/Three_Step_Process_SBA_Disaster_Loans.pdf
Business Require The Following -
Business Loan Application (SBA Form 5) completed and signed by business applicant. IRS Form 4506-T completed and signed by Applicant business, each principal owning 20% or more of the applicant business, each general partner or managing member and, for any owner who has more than a 50% ownership in an affiliate business. (Affiliates include business parent, subsidiaries, and/or businesses with common ownership or management). Complete copies, including all schedules, of the most recent Federal income tax returns for the applicant business; an explanation if not available. Personal Financial Statement (SBA Form 413) completed, signed and dated by the applicant (if a sole proprietorship), each principal owning 20% or more of the applicant business, each general partner or managing member. Schedule of Liabilities listing all fixed debts (SBA Form 2202 may be used). ADDITIONAL INFORMATION THAT MAY BE NECESSARY TO PROCESS YOUR APPLICATION: Complete copies, including all schedules, of the most recent Federal income tax returns for each principal owning 20% or more of the applicant business, each general partner or managing member, and each affiliate when any owner has more than a 50% ownership in the affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management. If the most recent Federal income tax return has not been filed, a year-end profit and loss statement and balance sheet for that tax year is acceptable. A current year-to-date profit and loss statement. Additional Filing Requirements (SBA Form 1368) providing monthly sales figures
Homeowners and Renters Require The Following -
Home Loan Application (SBA Form 5c) completed and signed by Applicant and Co-Applicant. IRS Form 4506-T completed and signed by Applicant and Co-Applicant.