SBA's Deadline to Apply for Physical Damage Disaster Loans in New York is December 15

ATLANTA, Nov. 17, 2011 /PRNewswire-USNewswire/ -- The U.S. Small Business Administration reminds homeowners, renters, businesses and non-profit organizations of the deadline to submit disaster loan applications for damages caused by Hurricane Irene and Tropical Storm Lee. The deadline to file an SBA disaster loan application for physical damage is Dec. 15, 2011.

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Hurricane Irene and Tropical Storm Lee disaster declarations cover the counties of  Albany, Bronx, Broome, Chemung, Chenango, Clinton, Columbia, Delaware, Dutchess, Essex, Fulton, Herkimer, Greene, Kings, Montgomery, Nassau, Oneida, Orange, Otsego, Putnam, Queens, Rensselaer, Richmond, Rockland, Saratoga, Schenectady, Schoharie, Suffolk, Sullivan, Tioga, Ulster, Warren, Washington and Westchester in New York.

Interest rates are as low as 2.5 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years.  The SBA sets the loan amounts and terms based on each applicant's financial condition.

Anyone with insured losses should not wait for an insurance settlement before applying to the SBA. "If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan," said Frank Skaggs, director of SBA Field Operations
Center East.  

For additional information, call the SBA's Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to [email protected].  Loan application forms can be downloaded from www.sba.gov.  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 disasters 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 caused by Hurricane Irene and Tropical Storm Lee is December 15, 2011.    The deadline to return economic injury applications for Hurricane Irene is May 31, 2012.  The deadline to return economic injury applications for Tropical Storm Lee is June 13, 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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