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Small Business Administration Announces Grace Period to Accept Loan Assistance Applications

Small Business Administration Announces Grace Period to Accept Loan Assistance Applications

Residents and companies of Kansas counties with property injury ensuing from flooding Might 15 and 16 have till September 11 to submit their utility for catastrophe help via the Small Enterprise Administration.

The preliminary submission deadline was August 27.

If candidates can’t return their requests by September 11, they have to additionally present an in depth letter of rationalization as to why they have been unable to file earlier than the deadline. After September 11, the SBA will settle for an utility provided that the company determines the late submitting resulted from substantial causes past the applicant’s management.

Governor Laura Kelly requested SBA mortgage help June 25 for residents and companies in Ellis, Jewell, Lincoln, Mitchell, Osborne, Rooks, Russell and Smith Counties.

Purposes could also be submitted via the SBA Digital Enterprise Restoration Heart and Digital Catastrophe Mortgage Outreach Heart, Monday via Friday from 7 AM to 7 PM at [email protected] or 800-659-2955. Candidates can also apply on-line, obtain extra catastrophe help info and obtain purposes at https://disasterloanassistance.sba.gov. People who’re deaf or arduous of listening to might name 800-877-8339.

Customer support representatives might be accessible to enterprise house owners and people to reply questions on SBA’s catastrophe mortgage program, clarify the appliance course of and assist every individual full their digital mortgage utility.

Companies of all sizes and personal nonprofit organizations might borrow as much as $2 million to restore or substitute broken or destroyed actual property, equipment and gear, stock and different enterprise property. SBA can even lend extra funds to companies and owners to assist with the price of enhancements to guard, stop or decrease the identical kind of catastrophe injury from occurring sooner or later.

For small companies, small agricultural cooperatives, small companies engaged in aquaculture and most non-public nonprofit organizations of any dimension, SBA presents Financial Harm Catastrophe Loans to assist meet working capital wants brought on by the catastrophe. Financial damage help is offered no matter whether or not the enterprise suffered any property injury.

Catastrophe loans as much as $200,000 can be found to owners to restore or substitute broken or destroyed actual property. Householders and renters are eligible for as much as $40,000 to restore or substitute broken or destroyed private property.

Rates of interest may be as little as 2.88 p.c for companies, 2 p.c for personal nonprofit organizations and 1.625 p.c for owners and renters with phrases as much as 30 years. Mortgage quantities and phrases are set by SBA and are primarily based on every applicant’s monetary situation.

The deadline to use for financial damage is March 28, 2022.

(Data courtesy Kansas Adjutant Normal’s Division.)

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