Back to Updates

SBA Disaster Loan Deadline is May 4 for Tennesseans with Tornado Damage

04/3/20

Disaster Field Operations Center East

Release Date: April 3, 2020                                       

Contact: Michael Lampton

(404) 331-0333

Michael.Lampton@sba.gov

Release Number: 20-360, TN 16325/16326          

Follow us on Twitter, Facebook, Blogs & Instagram

 

SBA Disaster Loan Deadline is May 4 for Tennesseans with Tornado Damage

ATLANTA – The U.S. Small Business Administration (SBA) encourages businesses of all sizes, private nonprofit organizations, homeowners and renters to apply for a disaster loan before the
May 4 deadline.  Anyone in the declared counties in Tennessee with damages caused by the March 3 severe storms, tornadoes, straight-line winds and flooding should apply for the disaster recovery loan program.

The disaster declaration covers Davidson, Putnam and Wilson counties in Tennessee which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.  Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Cannon, Cheatham, Cumberland, Dekalb, Fentress, Jackson, Overton, Robertson, Rutherford, Smith, Sumner, Trousdale, White and Williamson in Tennessee.   

Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.  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 up to $40,000 to repair or replace disaster damaged or destroyed personal property.

Interest rates are as low as 3.75 percent for businesses, 2.75 percent for private nonprofit organizations, and 1.563 percent for homeowners and renters, with terms up to 30 years.  The SBA customizes loan amounts and terms based on each applicant’s circumstances.

Applicants may be eligible for a loan increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.  Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.

Applicants may apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at Disasterloan.sba.gov.

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.

For more information,  call the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an e-mail to disastercustomerservice@sba.gov.  Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. For more information about SBA recovery assistance, visit sba.gov.

The filing deadline to submit applications for physical property damage is May 4, 2020. The deadline for economic injury applications is Dec. 7, 2020.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.