SBA Returns To Help With The Disaster Loan Process

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Small Business Administration representatives will return to Coweta next week to help those affected by the March 26 tornado navigate the disaster loan application process.

SBA representatives will work on weekdays from 16 to 27 August. They will be located at the Newnan Cowet Chamber of Commerce, in the main auditorium, from 9 am to 6 pm, Monday through Friday.

The SBA opened a Disaster Loan Clearinghouse in the House shortly after it was announced that tornado-verified individuals and businesses would be eligible for SBA disaster loans, but the center was only open for 11 days.

SBA offers several types of disaster loans. Personal injury loans are available to homeowners that can help pay for home repairs or rebuilding. These loans do not exceed USD 200,000. Homeowners and renters can borrow up to $ 40,000 to replace personal property damaged by a tornado, including cars.

There are also disaster loans for businesses affected by tornadoes. These include loans for physical damage as well as loans to help with the economic fallout of the natural disaster.

The deadline to apply for a Personal Injury and Personal Property Loan is September 20. Business damage loans can be filled up until April 2022.

Several Cowetans have reported problems with their SBA loans on social media. Some said they were denied due to insurance. Although SBA loans only cover losses not covered by insurance, they are often used to bridge the gap between repair costs and insurance coverage.

Others said they were turned down for lack of solvency. One Cowethan said her application status was changed to “withdrawn” after she allegedly missed a phone call but did not receive a voicemail or any email about it.

“We are grateful for the SBA staff who are returning to our community,” said Cynthia Bennett of the Cowet Community Foundation. “Their customized paperwork instructions are a great resource for homeowners and renters.”

The Coweta Community Foundation hosts a series of community education forums related to disaster recovery and a forum on August 26 dedicated to SBA loans. The event takes place from 6 pm to 7 pm at the Central Educational Center. Tornado survivors can sign up for business from 5:30 pm to 6:00 pm.

You can learn more about SBA Disaster Loans at https://www.sba.gov/funding-programs/disaster-assistance



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