Low-interest disaster loans from the U.S. Small Business Administration (SBA) are now available to Morris businesses and residents under the federal disaster declaration issued after New Jersey was hit by remnants of Hurricane Ida two weeks ago.
The SBA issued an announcement to Morris County today about the aid following a declaration Saturday that Morris County was added to the list of New Jersey counties declared by the Federal Emergency Management Agency (FEMA) to qualify for Individual Assistance, including Bergen, Passaic, Somerset, Gloucester, Union, Mercer, Hunterdon, Middlesex, Essex and Hudson counties.
Morris County residents who incurred storm damage not covered by insurance may be eligible for assistance and should apply.
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app.
If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
“The SBA is strongly committed to providing New Jersey residents with the most effective response possible to assist businesses, homeowners and renters with federal disaster loans," SBA Administrator Isabella Casillas Guzman said.
"Getting businesses and communities up and running after a disaster is our highest priority.”
The disaster declaration leaves the covered counties eligible for both Physical and Economic Injury Disaster Loans from the SBA.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes.
Eligible mitigation improvements may include a sump pump, elevation, French drain, or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.
Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate.
Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 2.855 percent for businesses, 2 percent for nonprofit organizations, and 1.563 percent for homeowners and renters, with terms up to 30 years.
Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.
Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/, and should apply under SBA declaration # 17143, not for the COVID-19 incident.
Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing) or emailing DisasterCustomerService@sba.gov.
Loan applications can also be downloaded at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is November 4. The deadline to return economic injury applications is June 6, 2022.