Disaster Survivors Urged to Apply for SBA Assistance Before Insurance Settlement

ATLANTA, Oct. 20, 2011 /PRNewswire-USNewswire/ -- Disaster survivors should not wait to settle with their insurance company before applying for disaster loan assistance.  The Small Business Administration encourages homeowners, renters and businesses in Pennsylvania impacted by Hurricane Irene and Tropical Storm Lee to return their completed loan applications, even if they have not settled with their insurance company.

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"Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, and the survivors may miss the application deadline," said Frank Skaggs, director of SBA Field Operations Center East.  "I encourage anyone who has not completed their disaster loan application to meet with Customer Service Representatives at one of the Disaster Recovery Centers located throughout the area for one-on-one assistance," Skaggs added.

If a survivor does not know how much of their loss will be covered by insurance or other sources, or would like to begin rebuilding and making repairs prior to receiving insurance funds, SBA will consider making a low interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their loan.  

Survivors who receive a SBA disaster home loan application should submit it as soon as possible to receive consideration for a loan or referral to FEMA for grant assistance that covers personal property, vehicle repair and moving and storage expenses.  

To be considered for all forms of disaster assistance, those affected by the disaster should register with FEMA at 1-800-621-FEMA (3362) or 800-462-7585 (TTY) for the hearing and speech impaired or online at www.disasterassistance.gov.

For information about Disaster Recovery Centers, the SBA Disaster Loan Program, to apply online, or obtain business application forms visit www.sba.gov, call the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the hearing-impaired) Monday through Friday from 8 a.m. to 8 p.m. ET, Saturday and Sunday from 9 a.m. to 5:30 p.m. or send an email to [email protected].  Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX  76155.

Those affected by the disaster may also apply for disaster loans electronically from SBA's website at https://disasterloan.sba.gov/ela/.

The deadline to return SBA applications for physical property damage is November 14, 2011.   The deadline to return applications for economic injury is June 12, 2012.

For more information about the SBA's Disaster Loan Program, visit our website at www.sba.gov.

Contact: Michael Lampton
Phone:  404-331-0333

SOURCE U.S. Small Business Administration

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