The Small Business Administration (SBA) reminds the earthquake-impacted residents in California of the deadline for the low-interest federal disaster loans.
SBA Federal Disaster Loan
Tanya N. Garfield, Director of the U.S. Small Business Administration’s Disaster Field Operations Center-West, reminded the business owners and residents of the deadline for application of the low-interest federal disaster loans.
In a published article in KYMKEMP, the deadline for application will be on March 6, 2023. This is for the SBA’s low-interest federal disaster loan for the damages in properties caused by earthquake in Humboldt County that occurred Dec. 20, 2022.
Moreover, SBA Director said that businesses of all sizes, private non-profit organizations, homeowners, and renters may apply for the low-interest federal disaster loan. Additionally, SBA also announced that they can lend additional funds for the cost of improvements to prevent any damages caused by the disaster in the future.
Interest and Amount of Federal Disaster Loan
Homeowners affected by the earthquake can apply for up to a $200,000 federal disaster loan to repair or replace damaged real estate properties. Additionally, qualified homeowners and renters can also apply for up to $40,000 to repair or replace damaged or destroyed personal property.
According to a published report in North Coast Journal, the interest rate of the federal loan can be as low as 3.305 percent for businesses, 2.375 percent for private nonprofit organizations, and 2.313 percent for homeowners and renters and payable within 30 years.