The most-visited item on the Small Business Administration's loan information website today is the Disaster Loan Application. SBA announced yesterday that various disaster recovery loan programs will become available to eligible applicants as disaster assessments and declarations are made.
President Obama has already declared disaster areas in New York, New Jersey, and Connecticut, and additional announcements are expected.
If your small business sustained physical damage or "economic injury" as a result of Hurricane Sandy, you may be eligible for SBA assistance. Businesses must submit loan applications directly to SBA in order to get an inspector to estimate damages. SBA says it strives to make decisions within 18 days, and advises against waiting for insurance settlements before applying for an SBA loan in order to avoid missing filing deadlines. The application-filing deadline for physical damage loans is December 31, 2012. The deadline for economic injury loans is July 31, 2013.Read More »from Business in a hurricane disaster area? Here’s SBA loan info