Rep. Grimm Announces 30-Day SBA Loan Extension for Sandy Survivors

Jan 25, 2013

STATEN ISLAND, NY – Today, Rep. Michael G. Grimm (R,C-NY)announced that the deadline has been extended an additional 30 days to February 27th for Superstorm Sandy survivors to register for FEMA and apply for low-interest Small Business Administration (SBA) disaster loans.

“For many on Staten Island, the funding from FEMA and insurance claims is simply not enough to cover the cost of recovery,” said Rep. Grimm.  “An SBA loan provides a low-interest option to homeowners and businesses in need of additional funding to make repairs and replace damaged items in the aftermath of Superstorm Sandy.  Many home and business owners have been caught up in the red tape of their insurance companies, and had to delay applying for loans as they await the claim. Extending the deadline provides extra time to fully assess the damage and apply for the appropriate amount of assistance.”

Those who have sustained losses due to Hurricane Sandy should register with FEMA even if they have insurance. Applying by the deadline may help survivors avoid a funding shortfall if they later find that they are underinsured or have additional damages.

By returning the SBA disaster loan application, homeowners may be eligible for up to $200,000 to repair or replace their storm-damaged primary residence. Homeowners and renters may be eligible for up to $40,000 for replacement of personal property. Businesses and private nonprofits may be eligible to borrow up to $2 million to repair or replace storm-damaged property.

As of January 22, 2013, for Richmond County, SBA has approved $82,299,000 in home loan applications and $7,978,300 in business loans, for a total of $90, 277,300.

For more information or to apply or to apply for a loan, please visit www.sba.gov. Applicants may also apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloan.sba.gov/ela or by calling 1- 800-659-2955.