Small Business Administration going to help out local businesses with disaster assistance
SACRAMENTO, (KION-TV)- The U.S. Small Business Administration announced that low-interest federal disaster loans are now available to California businesses and residents as a result of President Biden's major disaster declaration that he approved on Monday night.
The U.S. Small Business Administration’s Administrator Isabella Casillas Guzman said that those disaster loans will be available to counties that are covered by the emergency declaration. Those counties include Kern, Mariposa, Monterey, San Benito, Santa Cruz, Tulare and Tuolumne Counties.
“SBA’s mission-driven team stands ready to help California’s small businesses and residents impacted by severe winter storms, straight-line winds, flooding, landslides and mudslides,” Guzman said. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer centric approach to help businesses and communities recover and rebuild."
Businesses and private non-profit organizations can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and other business assets.
The Business Administration said that they can end additional funds to businesses and homeowners to help with the cost of improvements to protect and prevent the same type of disaster damage from occuring in the future.
The SBA will also offer Economic Injury Disaster Loans to small agricultural businesses and businesses engaged in aquaculture and most private nonprofit organizations of any size. Economic Injury Disaster Assitance is available to businesses regardless of any property damage.
Individuals and families are able to get up to $200,000 in disaster loans if they own their home while renters can get up to $40,000 to repair or replace damaged or destroyed personal property.
Officials said that to be considered for all forms of disaster assistance, survivors must first contact FEMA at www.disasterassistance.gov. As soon as Federal Disaster Recovery Centers open in affected areas, then the SBA will be able to provide one-on-one assistance to disaster loan applicants.
