Wildfire survivors who apply for assistance with FEMA before Nov. 30 may also apply for a low-interest disaster loan. Completing a disaster loan application may be crucial to your recovery.
Next to insurance, an SBA low-interest disaster loan is the primary source of funds for property repairs and for replacing contents destroyed during the recent Oregon wildfires. To date, more than $30.5 million in low-interest disaster loans have been approved for homeowners, renters and businesses affected by Oregon wildfires.
What Types of Disaster Loans are Available from the U.S. Small Business Administration (SBA)?
- Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster. These loans are intended to assist through the disaster recovery period.
- Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles. These loans can even be used to pay insurance deductibles.
If SBA determines you are eligible for a loan, you don’t have to accept it, but you should complete the loan application as soon as possible to keep your recovery options open. Those who are not approved for a loan may be considered for additional FEMA assistance such as personal property replacement, disaster-caused vehicle repair or moving and storage fees.
Homeowners may be eligible for a disaster loan up to $200,000 for primary residence structural repairs or rebuilding. SBA may also be able to help homeowners and renters with up to $40,000 to replace important personal property, including automobiles damaged or destroyed in the disaster.
Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged real estate and other business assets. Eligible small businesses and nonprofits can apply for economic injury disaster loans to help meet working capital needs caused by the disaster.
Questions? Call 800-659-2955 or email FOCWAssistance@sba.gov.
Apply online at disasterloan.sba.gov/ela.
Application deadline for physical damage loans is Nov. 30, 2020.
Application deadline for economic injury loans is June 15, 2021
For more information, visit sba.gov/disaster.