SBA Tops $500 Million in Disaster Assistance Loans to Businesses and Residents Impacted by Hurricane Harvey

SACRAMENTO, Calif., Sept. 26 -- The Small Business Administration's Office of Disaster Assistance issued the following news release:

U.S. Small Business Administration Administrator Linda McMahon announced today that the SBA has approved more than $509 million in federal disaster loans for Texas businesses and residents affected by Hurricane Harvey.

According to McMahon, the SBA has approved 446 loans for $42,110,500 for businesses and 5,566 loans for $467,661,300 for residents to help rebuild and recover from this massive storm.

"This milestone, which has been reached faster than any preceding disaster recovery effort, demonstrates this administration's dedication to quickly and effectively helping those businesses and homeowners who have gone through so much," SBA Administrator McMahon said.

"Our work is not done yet by any measure, and I want the people of Texas, Florida, Georgia, the U.S. Virgin Islands and Puerto Rico to know that the SBA will be there for the long haul, until those areas are fully recovered."

Businesses and residents who sustained damages should first register with the Federal Emergency Management Agency by visiting www.DisasterAssistance.gov. This is the fastest way to get help. You don't need to wait for your insurance settlement or contractor's estimate before registering for assistance.

SBA representatives continue to meet with business owners and residents at all Federal/State Disaster Recovery Centers and five SBA Business Recovery Centers to answer questions about SBA's disaster loan program, explain the application process, help complete loan forms and close approved loans. For a list of locations, visit SBA's website at www.sba.gov/disaster. No appointment is necessary.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to help businesses and residents with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

For small businesses and most private nonprofit organizations of all sizes, SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage.

Disaster loans up to $200,000 are available to homeowners to repair or replace their damaged or destroyed primary residence. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Applicants may apply online using SBA's secure website at https://disasterloan.sba.gov/ela.

Applicants may receive additional disaster assistance information by visiting www.sba.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to apply for property damage is Oct. 24, 2017. The deadline to apply for economic injury is May 25, 2018.