Posted on September 14, 2021
Morris County disaster designation opens door to more aid
Low-interest U.S. Small Business Administration (SBA) disaster loans now available to businesses and residents of Morris under federal disaster declaration issued after New Jersey was hit by the remnants of Hurricane Ida two weeks ago.
The SBA today released an announcement to Morris County about the aid following a statement on Saturday that Morris County was added to the list of New Jersey counties declared by the Federal Agency Emergency Management Officers (FEMA) to qualify for individual assistance, including Bergen, Passaic, Somerset, Gloucester, Union, Mercer, Hunterdon, Middlesex, Essex and Hudson counties.
Residents of Morris County who have suffered storm damage not covered by insurance may be eligible for assistance and must apply.
To be considered for all forms of disaster assistance, applicants must register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is not available, applicants should call the FEMA toll-free helpline at 800-621-3362. Those using 711 relay or video relay services should call 800-621-3362.
“The SBA is firmly committed to providing New Jersey residents with the most effective response possible to assisting businesses, homeowners and tenants with federal disaster loans. Getting businesses and communities up and running after a disaster is our top priority, ”said Isabella Casillas Guzman, SBA Administrator.
The disaster declaration leaves the covered counties eligible for physical and economic disaster loans from the SBA. Businesses and private nonprofits of any size can borrow up to $ 2 million to repair or replace real estate, machinery and equipment, inventory and other business assets damaged or destroyed by a disaster. .
Applicants may be eligible for an increase in the loan amount up to 20 percent of their physical damage, as verified by the SBA, for mitigation purposes. Qualifying mitigation upgrades may include a sump pump, elevation, French drain, or retaining wall to help protect the property and occupants from future damage from a similar disaster.
For small businesses, small agricultural cooperatives, small businesses active in aquaculture, and most private non-profit organizations, the SBA offers economic disaster loans to help meet the working capital needs caused. by disaster. Economic Damage Claim Assistance is available whether or not the business has suffered property damage.
Disaster loans of up to $ 200,000 are available to homeowners to repair or replace real estate damaged or destroyed by a disaster. Homeowners and tenants are entitled to up to $ 40,000 to repair or replace personal property damaged or destroyed by a disaster.
Interest rates are as low as 2.855 percent for businesses, 2 percent for nonprofits, and 1.563 percent for landlords and tenants, with terms of up to 30 years. The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.
Applicants can apply online using the Electronic Loan Application (ELA) through the SBA secure website at https://disasterloanassistance.sba.gov/ela/s/, and must apply under the SBA # statement. 17143, not for the COVID-19 incident.
Businesses and individuals can also obtain information and loan applications by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing) or by sending an email [email protected] Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The deadline for returning property damage claims is November 4, 2021. The deadline for returning economic damage claims is June 6, 2022.