2017 Hurricane Recovery: Get information about disaster assistance, or find out how you can help.
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SBA Helping West Virginia Businesses and Residents Recover From July Severe Storms and Flooding

Release Date: 
Tuesday, August 22, 2017
Release Number: 
17-709, WV 15255/15256
Contact: 
Michael.Lampton@sba.gov; (404) 331-0333

Administrator Linda McMahon of the U.S. Small Business Administration issued the following statement after the announcement of the Presidential disaster declaration for several counties in West Virginia affected by severe storms, flooding, landslides and mudslides on July 28 – 29, 2017.

“The SBA is strongly committed to providing the people of West Virginia with the most effective and customer-focused response possible to assist businesses, homeowners and renters with federal disaster loans. Getting businesses and communities up and running after a disaster is our highest priority at SBA.”

The disaster declaration covers Harrison, Marion, Marshall and Wetzel counties in West Virginia, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.  Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Barbour, Doddridge, Lewis, Monongalia, Ohio, Taylor, Tyler and Upshur in West Virginia; Belmont and Monroe in Ohio; and Greene and Washington in Pennsylvania.

Businesses and nonprofits can apply up to $2 million to repair or replace disaster damaged real estate, machinery, equipment, inventory, and other business assets.  Loans for working capital, known as Economic Injury Disaster Loans, are available even if the business did not suffer any physical damage. Homeowners can apply up to $200,000 to repair or replace disaster damaged real estate.  Homeowners and renters can apply up to $40,000 to repair or replace damaged personal property including automobiles.

Interest rates are as low as 3.305 percent for businesses, 2.5 percent for private nonprofit organizations, and 1.75 percent for homeowners and renters, with terms up to 30 years.  The SBA customizes loan amounts and terms based on each applicant’s circumstances.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.  Eligible mitigation improvements may now include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at https://disasterloan.sba.gov/ela.

To be considered for all forms of disaster assistance, applicants should register online at www.DisasterAssistance.gov or by mobile device at m.fema.gov.  If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

Additional details on the locations of Disaster Recovery Centers and the loan application process can 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 sending an e-mail to disastercustomerservice@sba.gov

The filing deadline to submit applications for physical property damage is Oct. 17, 2017. The deadline for economic injury applications is May 18, 2018.

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For more information about the SBA’s Disaster Loan Program, visit our website at www.sba.gov/disaster.

Related State: 
West Virginia