Dear Colleague,

 

In the wake of Hurricane Sandy, I wanted make you aware of the disaster recovery programs offered by the United States Small Business Administration (SBA).  SBA offers low interest loans to help homeowners, renters and businesses of all sizes repair or replaced uninsured property lost or damaged as a result of a disaster.  Small businesses may also be eligible for financial assistance to recover from business interruptions that result from the storm.

 

Physical Disaster Loans

Homeowners and renters that suffer damage in a declared disaster area are eligible for loans of up to $200,000 to replace their primary residence or restore it to its predisaster condition.  Businesses of all sizes suffering damage in a declared disaster area may apply for assistance of up to $2 million.

 

Economic Injury Disaster Loans

Small businesses that suffer substantial economic injury and are located in a declared disaster area are eligible for SBA assistance.  Loan funds can be used for working capital until normal operations can resume.  The maximum loan amount is $2 million. 

 

To find out more about the SBA disaster assistance program, please visit the SBA Website atwww.sba.gov/disaster.  To apply for assistance, storm victims should sign-up with the Federal Emergency Management Agency (FEMA) at www.disasterassistance.gov.  If you have any questions about the SBA disaster assistance programs, please contact Andy Guggenheim, Counsel for the Committee at (202)225-5821.

 

Sincerely,

Sam Graves

Chairman

Committee on Small Business