The U.S. Small Business Administration has approved $6 billion in low-interest, taxpayer-backed disaster loans to homeowners, renters and businesses affected by last year’s devastating Gulf Coast hurricanes. To date, more than 86,200 hurricane victims have been approved for SBA disaster loans. Of those, more than 16,100 disaster loans have been approved to businesses for more than $1.4 billion.
The original March 11 deadline for applying for a disaster loan to repair or rebuild physical damage has been extended until April 10 for victims of Hurricanes Katrina and Rita in Louisiana, Mississippi and Texas. The deadlines vary for small businesses that suffered economic injury, depending on which hurricane caused the injury. For Katrina, it’s May 29; for Rita,it’s June 26, and for Wilma it’s July 24.
Victims may begin the application process by registering at 1-800-621-FEMA. For complete details about the SBA’s disaster assistance program following the hurricanes.