Small Business Administration offering disaster assistance to Ky. flood victims

WASHINGTON. (WSAZ) – The US Small Business Administration (SBA) has announced low-interest disaster loans are available to businesses and residents in Kentucky following deadly flooding.

“We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild,” said SBA Administrator Isabella Casillas Guzman.

The disaster declaration covers Breathitt, Clay, Knott, Letcher and Perry Counties in Kentucky. People there are eligible for both Physical and Economic Injury Disaster Loans from the SBA.

Small businesses and most private nonprofit organizations in the following counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Bell, Floyd, Harlan, Jackson, Knox, Laurel, Lee, Leslie, Magoffin, Owsley, Pike and Wolfe in Kentucky, and Wise in Virginia.

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs). Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

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

Applicants who have an existing SBA disaster loan may apply under this declaration. Businesses and residents with previous SBA disaster loans and current applicants have up to two years from the date of their prior loan approval in which to request a loan increase for mitigation projects.

“The opportunity to include measures to help prevent future damage from occurring is a significant benefit of SBA’s disaster loan program,” said SBA Associate Administrator Francisco Sanchez, Jr. “I encourage everyone to consult their contractors and emergency management mitigation specialists for ideas and apply for an SBA disaster loan increase for funding.”

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website and should apply under SBA declaration # 17546.

You can also call SBA’s Customer Service Center at 800-659-2955.

The filing deadline to return applications for physical property damage is Sept. 28, 2022. The deadline to return financial injury applications is May 1, 2023.

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