Assemblyman Tom McKevitt (R,C,I – East Meadow) is welcoming the news that the federal Small Business Administration (SBA) has issued a physical and economic injury disaster declaration for Nassau County, making homeowners, renters and businesses eligible for low-interest loans for damages suffered in the severe storms that occurred during March.
“This is very welcome news for the citizens of the 17th Assembly District who faced the unimaginable damage to their homes and businesses caused by last month’s unrelenting storms,” McKevitt said. “Providing low-interest economic injury loans to the citizens affected by the storms will allow for working capital to assist homeowners and small businesses get back on their feet quickly during a time of fiscal hardship for many New Yorkers.”
Homeowners and renters may borrow up to $40,000 to repair or replace clothing, furniture, vehicles, or appliances damaged or destroyed in the disaster and may apply for up to $200,000 to repair or replace their primary residence. Businesses of all sizes may apply for a physical disaster loan of up to $2 million to repair or replace real estate, equipment, inventory and fixtures. The loan may be increased by as much as 20 percent to protect the property against future disasters of the same type.
The application deadline for physical disaster loans is June 18, 2010; the deadline for filing applications for economic injury loans is January 19, 2011. For more information you may visit http://www.sba.gov/.