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Small Business Administration News

*The U.S. Small Business Administration offers low-interest federal disaster loans to Texas businesses and residents affected by Hurricane Hanna that occurred July 25-28, 2020. SBA acted under its own authority to declare a disaster in response to a request SBA received from Gov. Greg Abbott on August 28, 2020.

The disaster declaration makes SBA assistance available in Brooks, Cameron, Hidalgo, Kenedy, Starr and Willacy counties.

Types of loans available are:

Homeowners: up to $200,000 to repair or replace real estate damage and up to $40,000 to replace personal property.

Renters: up to $40,000 to repair or replace personal property.

Businesses:

Property Damage: up to $2,000,000 to repair or replace real estate, machinery and equipment, inventory and other assets that were damaged or destroyed (available to businesses of any size and private, non-profit organizations).

Economic Injury: only for small businesses and most private non-profit organizations suffering adverse financial impacts of the disaster (with or without property loss), up to $2,000,000 for working capital to help pay obligations until normal operations resume.

 

You can apply online at https://disasterloanassistance.sba.gov.

The deadline to apply for property damage is Oct. 30, 2020. The deadline to apply for economic injury is June 1, 2021.