SBA extends physical damage application deadline

The U.S. Small Business Administration (SBA) has extended the deadline to apply for physical disaster damages in South Carolina. Businesses and individuals with physical damages caused by Hurricane Florence from Sept. 8 through Oct. 8 should apply for SBA low-interest disaster loans before the Dec. 5 deadline.

The disaster declaration covers the counties of Chesterfield, Darlington, Dillon, Florence, Georgetown, Horry, Marion and Marlboro in South Carolina, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.

Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Berkeley, Charleston, Clarendon, Kershaw, Lancaster, Lee, Sumter and Williamsburg in South Carolina; and Anson, Brunswick, Columbus, Richmond, Robeson, Scotland and Union in North Carolina.

SBA disaster loans are available to businesses of all sizes, most private nonprofit organizations, homeowners and renters to cover uninsured losses from the disaster.

Interest rates are as low as 3.675 percent for businesses, 2.5 percent for private nonprofit organizations, and 2.0 percent for homeowners and renters. Loan terms can be up to 30 years.

Economic injury disaster loans are also available to provide disaster related working capital to small businesses and most private nonprofit organizations.
These working capital loans may be used to pay fixed debts, payroll, accounts payable and other bills that could have been paid had the disaster not occurred.

To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app.
If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoan.sba.gov.

Author: Rachel Howell

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