HAZARD, Ky. (WYMT) – after the announcement of Governor Andy Besheer last week that more Kentucky counties are now eligible for FEMA assistance, the US Small Business Administration is now offering more businesses and residents the opportunity to apply for low-interest loans.
Officials say flood and severe weather affected between February 27 and March 14 in Boyd, Bretitt, Clay, Estill, Floyd, Jackson, Johnson, Knott, Laurel, Lawrence, Lee, Leslie, Letcher, Magoffin, Martin, Morgan, Owsley, Perry, Powell, Pulaski and Rockcastle County are eligible for a disaster loan from the SBA for both physical and economic damage.
Small businesses and most private nonprofits in Bell, Elliott, Harlan, Knox, McCreary, Menifi, Pike, Rowan, Wayne, Wheatley, and Wolfe County in Kentucky, and Wise County, Virginia and Wayne and Mingo County in West Virginia can apply for loans for economic damage from natural disasters.
Businesses and private nonprofits of all sizes can borrow up to $ 2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets. Loans up to $ 200,000 are available to homeowners to repair or replace damaged or destroyed properties. Homeowners and tenants are eligible for up to $ 40,000 to repair or replace damaged or destroyed personal property.
Interest rates are just 3% for businesses, 2% for nonprofits, and 1.25% for homeowners and tenants with loan terms up to 30 years.
The deadline for filing claims for compensation for material damage is June 22, 2021. The deadline for returning claims for material damage is January 24, 2022.
To participate in all forms of disaster relief, you can register online at DisasterAssistance.gov, download the FEMA mobile app or call the FEMA Hotline at 1-800-621-3362. To learn more about SBA Disaster Loans, go to DisasterLoan.sba.gov or call 1-800-659-2955 from 8:00 AM to 8:00 PM EST.
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