Deadline looms for SBA loans, other disaster aid for southeast Michigan flood
The deadline for people affected by last summer’s flooding in Metro Detroit to apply for most federal assistance is quickly approaching.
The Small Business Administration has approved at least $63 million in long-term, low-interest loans so far.
“As more and more loans are approved, that number will continue to grow,” says SBA spokesman Michael Peacock.
The “disaster loans” are available to homeowners, renters, businesses and non-profits.
Homeowners can get up to $200,000 for home repairs; both homeowners and renters can get up to $40,000 to cover damage to personal property.
Businesses and non-profits can borrow up to $2 million for damages, and up to another $2 million for “economic injury.”
“Those are loans for working capital needs that arise as a result of the disaster,” says Peacock.
The application deadline for physical damages is November 24th. That’s also the deadline for flood victims to register with the Federal Emergency Management Agency to be considered for all forms of disaster assistance.
Peacock notes that even those not likely to be approved for the loans should apply—it qualifies them for more potential aid.
“Part of the key to getting the most grant money available from FEMA is the SBA loan application,” Peacock says. “Once they complete the application and get denied by us, they are referred back to FEMA for additional grant consideration.”
Applications for economic injury are due in June 2015.