Residents and businesses in the Washington metro area affected by Tropical Storm Lee must file their applications for Small Business Administration Physical Loss Loans before the deadline on Friday, January 13, Congressman Gerry Connolly said.  Applications for Economic Injury Loans will be accepted through August 14, 2012.

 

Connolly said the SBA reports that 98 disaster loan applications have been provided to 71 individual homeowners or renters in the region that suffered physical losses and 27 businesses that suffered physical and/or economic losses due to Tropical Storm Lee.  The SBA has approved 22 of the 54 applications it has received for a total of $876,700 in disaster loans.  

 

Residents and businesses affected by Tropical Storm Lee may be eligible for low-interest disaster loans from the SBA.  Homeowners can qualify for loans up to $200,000 to repair or replace damaged or destroyed real estate.  Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property.  Businesses can obtain up to $2,000,000 in disaster loans for the repair or replacement of real estate, inventories, machinery, equipment and all other physical losses. 

 

Individuals or businesses seeking to apply for Physical Loss or Economic Injury Loans should contact the SBA at 1-800-659-2955 (TTY: 1-800-877-8339). 

 

To find out more information about SBA Disaster Loans, please visit http://www.sba.gov/content/applying-disaster-loan.

  

Residents of Fairfax and Prince William Counties with questions about the program can also contact Congressman Connolly’s offices in Woodbridge and Annandale.