California wildfire survivors can apply for the U.S. Small Business Administration (SBA) disaster loans and also register with FEMA until November 23, 2015.
Eligible small businesses applying for only the Economic Injury Disaster Loan (EIDL) program have until June 22, 2016 to apply, Federal Emergency Management Agency (FEMA) said in a news release issued on October 30, 2015.
About SBA disaster loan
SBA disaster loans are the primary source of federal long-term disaster recovery funds for disaster damage not fully covered by insurance or other compensation.
The most common misunderstanding about an SBA disaster loan is the assumption that they are only for businesses. While SBA offers loans to businesses of all sizes, low-interest disaster loans are available to individual homeowners, renters and to private nonprofit organizations alike.
Small businesses and most private nonprofits suffering economic impact due to the wildfires can apply for up to $2 million for any combination of property damage or economic injury under SBA’s Economic Injury Disaster Loan (EIDL) program.
According to FEMA, interest rates for SBA disaster loans can be as low as 1.875 percent for homeowners and renters, 4 percent for businesses and 2.625 percent for private nonprofit organizations, with terms up to 30 years.
SBA Disaster Loan Forgiveness Program
The SBA disaster loan forgiveness program allows individuals affected by a natural disaster to get part of their SBA loan forgiven. To apply for SBA disaster loan forgiveness program, it has to be located in an area that was classified as a natural disaster zone.
How to apply for SBA disaster loans program?
Disaster survivors should first register with FEMA by calling 800-621-FEMA (3362). TTY users call 800-462-7585, with Video Relay Service survivors calling 800-621-3362. Or, register online at DisasterAssistance.gov. To apply for an SBA disaster loan survivors can apply in person at any of the State/FEMA/SBA recovery centers or directly online at: https://disasterloan.sba.gov/ela/.