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1 SBA Many communities are still feeling the effects of Superstorm Sandy, including power outages and flooding. The importance of listening to instructions and safety information from your local officials and FEMA cannot be understated. Federal response teams are already providing assistance to affected communities. SBA is closely coordinating with our federal partners to share information in the immediate aftermath of the storm. For the latest on the Federal government s response to Sandy, you can read FEMA s blog or follow updates on Twitter. If you need emergency shelter, you can download the Red Cross Hurricane app, visit the Red Cross web site, or check your local media outlets. You should also register on the Red Cross Safe and Well website, a secure and easy-to-use online tool that helps families connect during emergencies. Finally, you can download the FEMA smartphone app or text SHELTER and your Zip Code to (4FEMA). Standard rates apply If you re not in an affected area, please consider donating blood, because numerous blood drives have been canceled as a result of the storm. To schedule a blood donation or for more information about giving blood or platelets, visit redcrossblood.org or call RED CROSS ( ). SBA plays an important role in disaster recovery efforts for businesses and homeowners. As disaster assessments and declarations are made, various SBA disaster recovery loan programs become available to eligible applicants. We will continue to highlight these programs as communities turn to longer-term recovery efforts. For more information about SBA s disaster assistance programs, visit or call our disaster assistance center at

2 Fact Sheet for Homeowners and Renters If you are in a declared disaster area and are the victim of a disaster, you may be eligible for a low-interest rate disaster loan from the U.S. Small Business Administration - even if you don't own a business. As a homeowner, renter and/or personal-property owner, you may apply to the SBA for a loan to help you recover from a disaster. Renters and homeowners alike may borrow up to $40,000 to repair or replace clothing, furniture, cars or appliances damaged or destroyed in the disaster. Homeowners may apply for up to $200,000 to repair or replace their primary residence to its pre-disaster condition. The loans may not be used to upgrade homes or make additions unless as required by local building authority/code. Loans may be increased up to 20 percent of the total amount of disaster damage to real estate, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind. Secondary homes or vacation properties are not eligible for these loans. However, qualified rental properties may be eligible for assistance under our business loan program. Any proceeds from insurance coverage on your property or home will be deducted from the total damage to the property to determine the loan amount you are eligible for. SBA is not permitted to duplicate any benefits. For applicants unable to obtain credit elsewhere the interest rate will not exceed 4 percent. For those who can obtain credit elsewhere, the interest rate will not exceed 8 percent. SBA determines whether an applicant has credit available elsewhere. SBA offers loans with long-term repayments in many cases up to 30 years. Terms are determined on a case-bycase basis, based upon each borrower s ability to repay. For additional information, please contact our Customer Service Center. Call (TTY: ) or Frequently Asked Questions How much can I borrow? The amount SBA will lend depends on the cost of repairing or replacing your home and/or personal property, minus any insurance settlements or grants. SBA will send an inspector to estimate the cost of your damage once you have completed and returned your loan application. Can the SBA refinance my mortgage? In some cases, SBA can refinance all or part of a previous mortgage when the applicant does not have credit available elsewhere, has suffered substantial disaster damage not covered by insurance, and intends to repair the damage. SBA considers refinancing when processing each application. How soon before I know I have been approved? The SBA disaster assistance program helps with long-term, low-interest rebuilding and repair of damaged property, unlike immediate emergency relief provided by relief organizations. To make a loan, we must know the repair cost, be assured that you can repay the loan, and take reasonable safeguards to make sure the loan is repaid. The sooner you return the completed loan application, the sooner SBA can process the application. SBA

3 tries to make a decision on each application within 14 days. Make sure the application is complete, since missing information is a major cause for delays. What information must I submit for a home and/or personal property loan? You must submit the completed loan application and a signed and dated IRS form 8821 giving permission for the IRS to provide SBA your tax return information. Is collateral required for these loans? Loans over $14,000 must be secured to the extent possible. The SBA will not decline a loan if you do not have enough collateral, but will ask for whatever collateral is available. That usually consists of a first or second mortgage on the damaged real estate. Should I wait for my insurance settlement before I file my loan application? No, do not miss the filing deadline by waiting for an insurance settlement. Final insurance information can be added after a settlement is made. SBA can approve a loan for the total replacement cost up to our lending limits. Once your insurance settles, if there is a duplication of benefits, we will apply those funds to the balance of your disaster loan. I m a farmer, and my barns, fence, and some of my crops were damaged, as well as my home. Can I apply to SBA for assistance? You may apply for an SBA disaster loan to cover the damage to your home and its contents only. SBA cannot cover agriculture losses. Contact the U.S. Department of Agriculture for recovery assistance for your farm at Essential Information In Presidentially declared disasters, residents and business owners can begin the disaster application process by registering online with the Federal Emergency Management Agency at or by calling FEMA at FEMA (3362). For more information about SBA disaster assistance plus disaster preparedness for individuals and businesses visit: For more information, go to or call BE-READY to order or download free sample emergency plans, business preparedness checklists, and templates providing detailed business continuity and preparedness information.

4 Fact Sheet for Businesses of All Sizes If your business or private, nonprofit organization has suffered physical damage or your small business or private, nonprofit organization of any size has sustained economic injury after a disaster, you may be eligible for financial assistance from the U.S. Small Business Administration. If your business regardless of size is located in the declared disaster area, you may apply for a long-term, low-interest loan to repair or replace damaged property. Even if your property was not damaged and you are a small business owner or a private, nonprofit organization, you may apply for a working capital loan from the SBA to relieve the economic injury caused by the disaster. Physical Disaster Loans Businesses of all sizes and private, nonprofit organizations may apply for a Physical Disaster Loan of up to $2 million to repair or replace damaged real estate, equipment, inventory and fixtures. The loan may be increased by as much as 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to protect the property against future disasters of the same type. These loans will cover uninsured or under-insured losses. Economic Injury Disaster Loans Small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, nonprofit organizations of all sizes suffering substantial economic injury may be eligible for an Economic Injury Disaster Loan of up to $2 million to meet necessary financial obligations expenses the business would have paid if the disaster had not occurred. Interest Rates The interest rate on both these loans will not exceed 4 percent if you do not have credit available elsewhere. Repayment can be up to 30 years, depending on the business s ability to repay the loan. For businesses and nonprofit organizations with credit available elsewhere, the interest rate will not exceed 8 percent. SBA determines whether the applicant has credit available elsewhere. Application Information Businesses may apply directly to the SBA for possible assistance. The SBA will send an inspector to estimate the cost of your damage once you have completed and returned your loan application. SBA now offers you the option of filing your business disaster loan application electronically. Downloadable application forms are available at: Apply for Assistance. For additional information, please contact our Customer Service Center. Call (TTY: ) or Frequently Asked Questions What information must I submit for a disaster loan? Submit a completed loan application and a signed and dated IRS form 8821 giving permission for the IRS to provide the SBA your tax return information. To process your application we need current financial information such as a personal financial statement, a current profit-and-loss statement, balance sheet and a list of debts.

5 Can I use the disaster loan to expand my business? The disaster loan helps restore property to pre-disaster condition, and, under certain circumstances, protects the structure from future disasters. It cannot upgrade or expand a business unless required by local building codes. I already have a mortgage on my business. Can the SBA refinance my mortgage? The SBA can refinance all or part of a previous mortgage in some cases when the applicant does not have credit available elsewhere, has suffered uninsured damage (40 percent or more of the property value), and intends to repair the damage. SBA disaster loan officers can provide additional details. How soon before I know I ve been approved for a loan? The sooner you return the completed loan application, the sooner the SBA can process it. The SBA tries to make a decision within 18 days. Make sure the application is complete. Missing information is a major cause of delays. Is collateral required for these loans? Physical loss loans over $14,000 and all EIDL loans over $5,000 must be secured to the extent possible. SBA will not decline a loan if there isn t enough collateral, but requires you to pledge what is available. That usually consists of a first or second mortgage on the damaged business real estate, or best available if you don t have real estate. Should I wait for my insurance settlement before I file my loan application? No. Don t miss the filing deadline by waiting for an insurance settlement. Final insurance information can be added when a settlement is made. The SBA can approve a loan for the total replacement cost, but any insurance proceeds that duplicate SBA s loan must be applied to your SBA loan. How may I use an Economic Injury Disaster Loan? The loan provides working capital for disaster-related needs until your business or private, non-profit organization recovers. You may request an EIDL for the amount of economic injury but not in excess of what your business or private, non-profit organization could have paid if the disaster had not occurred. EIDL loans cannot refinance longterm debts or provide working capital needed before the disaster. EIDL loans do not replace sales or lost profits. Must I submit a personal financial statement with my loan application? Yes. The SBA must review a financial statement for each owner and one for each partner, officer, director and stockholder with 20 percent or more ownership. The SBA requires the principals of the business to personally guarantee repayment of the loan, and in some instances to secure the loan by pledging additional collateral. Plan to Stay in Business Continuity planning assures your business will function as soon as possible after a natural or man-made disaster. Review Insurance Coverage In adequate insurance coverage can lead to major financial loss if your business is damaged, destroyed or simply interrupted. Store records your insurance provider will want to see after an emergency in a safe place.

6 Prepare for Utility Disruptions Examine which utilities are vital to your business s day-to-day operation. Identify back-up options such as portable generators to power the vital aspects of your business in an emergency. Secure Facilities, Buildings and Plants Identify what production machinery, computers, custom parts or other essential equipment is needed to keep your business open. Plan how to replace or repair vital equipment. Store extra supplies for use in an emergency. Plan what you will do if your building, plant or store is not usable. Back-up Financial Records Back-up financial records and other vital information stored on computer hard drives. Files should be stored in a portable lockbox office, at least 500 miles away.

7 Fact Sheet for Homeowner Association Unit Owners This information applies to SBA disaster loans for individual unit owners of Homeowner Associations (HOAs), Planned Unit Developments (PUDs), condominiums and other common-interest developments. Types of Disaster Loans Available to Qualified Applicants SBA disaster loans of up to $200,000 are available to individual unit owners to repair or replace disaster damages not fully covered by insurance or other disaster recoveries. Individuals may also borrow up to $40,000 to replace damaged or destroyed personal property not covered by insurance, etc. Individuals may not borrow money to repair common areas that are the responsibility of the association. If the development will not be repaired or rebuilt, individual unit owners may apply to SBA for relocation assistance. This means you may have eligibility for the full replacement value of your unit and your share of the common area minus any disaster recoveries you have received, up to our lending limits. You must submit a relocation plan to SBA for approval. If you don t participate in the rebuilding of your association and you voluntarily relocate, you may borrow only the amount equal to your uncompensated losses. If you own a unit and it is a qualified rental property, you may apply to SBA for a disaster business loan. Assessments Unit owners may borrow funds to cover a one time assessment by the association for the repair of common areas. Any assessment amount is added to the amount you may borrow for unit repairs. The combined amount may not exceed $200,000 plus up to $40,000 for personal property. Collateral All disaster loans over $14,000 require collateral, generally real estate. This means that SBA will require a mortgage or deed of trust on the unit. Refinancing In some cases, SBA may be able to refinance existing mortgages up to the amount of the real estate damage or up to $200,000, whichever is less. Loan Disbursement Personal Property: SBA may disburse up to $14,000 initially if your loan includes personal property losses. Real Estate: SBA requires a letter from the association confirming the proposed unit repairs will not be damaged when the common areas are repaired. Common Area Damages

8 The Association may apply to SBA for up to $2 million to repair damages to the common areas. What We Need To Process the Application 1. A completed Disaster Home Loan Application. 2. A completed Tax Information Authorization (IRS Form 8821). 3. Information on your personal insurance coverage for your unit and personal property, and any claims you may have filed. 4. Documentation of your association s insurance coverage and any recoveries it may have received or filed. 5. A copy of any resolutions passed and the association s conditions, covenants, and restrictions (CC&Rs) or Declaration and any amendments and all exhibitions. NOTE: If we approve a loan for you, we will request a copy of the unit deed to the property. Use of Loans SBA disaster loans must be used to pay for disaster-related repairs. They cannot be used to pay for deferred maintenance items or any upgrades to the property, unless such upgrades are code required. Mitigation SBA disaster loans to repair or replace real property or leasehold improvements may be increased by as much as 20 percent of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA, to protect the damaged real property against possible future disasters of the same type. For additional information, please contact our Customer Service Center. Call (TTY: ) or

9 Fact Sheet for Associations This information applies to SBA disaster loans for Homeowner Associations (HOA), Planned Unit Developments (PUD), co-ops, condominium and other common interest developments. Types of Disaster Loans Available to Qualified Applicants SBA disaster business loans of up to $2 million are available to associations to repair or replace disasterdamaged common elements not fully covered by insurance or other disaster recoveries. If the development will not be repaired or rebuilt, the Association is not eligible for any SBA disaster assistance. However, unit owners may still apply to SBA for assistance. Use of Loans SBA disaster loans must be used only to pay for disaster-related repairs. They cannot be used to pay for deferred maintenance items or any upgrades to the property, unless such upgrades are code required. Collateral All disaster loans over $14,000 require collateral, generally real estate, if it is available. SBA also requires the Association to levy a monthly assessment against each unit owner. SBA will take an assignment of this assessment as collateral. What We Need To Process The Application 1. A completed Disaster Business Loan Application (SBA Form 5). 2. A completed Tax Information Authorization (IRS Form 8821), and the latest nonprofit tax returns filed with the IRS, if available. If not available, copies of the latest operating budgets are required. 3. A copy of all articles of incorporation, by-laws, and any other governing documents of the Association, including conditions, covenants, and restrictions (CC&Rs). 4. A complete list of all owners and directors including their mailing address and the address of their disaster-damaged property, if different. 5. Documentation of insurance coverage and a description of any litigation initiated due to the disaster. NOTE: If the Association owns the common areas, we may need a deed to those areas at a later date. Even if the Association chooses not to apply for a loan, SBA will still need items 3 through 5 to process applications for assistance from individual unit owners. Funding the Repairs The total loan amount to the Association for common area repairs, including any assessment amounts to the unit owners that have been paid through an SBA disaster loan, cannot exceed SBA s $2 million loan limit. If the Association s damage to the common area exceeds SBA s $2 million lending limit, the Association may pass a onetime assessment against the unit owners to cover the remaining costs in excess of the Association s

10 SBA loan. The Association may also pass a onetime assessment to the unit owners to cover all the damages in lieu of applying to SBA for a loan. The Association may borrow funds from SBA to cover insurance deductibles or shortages in an existing maintenance fund. Mitigation SBA disaster loans can be increased by up to 20% of the total amount of disaster damage to real estate and/or leasehold improvements, as verified by SBA to pay for elective upgrades to prevent future disaster damage from a similar disaster, provided the total does not exceed $2 million. Special Requirements Before SBA will disburse any loan funds, we must have confirmation that all the money necessary to complete the repairs is available. Therefore, we must have documentation supporting the total project cost of the repairs and the amount of anticipated insurance recoveries. The damages to the common areas must be clearly separated from the damage to the individual units to establish eligibility. For additional information, please contact our Customer Service Center. Call (TTY: ) or

11 Fact Sheet for Military Reservist Economic Injury Disaster Loan Program (NOTE: This program applies to military conflicts occurring or ending on or after March 24, 1999) The purpose of the Military Reservist Economic Injury Disaster Loan program (MREIDL) is to provide funds to eligible small businesses to meet its ordinary and necessary operating expenses that it could have met, but is unable to meet, because an essential employee was "called-up" to active duty in their role as a military reservist. These loans are intended only to provide the amount of working capital needed by a small business to pay its necessary obligations as they mature until operations return to normal after the essential employee is released from active military duty. The purpose of these loans is not to cover lost income or lost profits. MREIDL funds cannot be used to take the place of regular commercial debt, to refinance long-term debt or to expand the business. Federal law requires SBA to determine whether credit in an amount needed to accomplish full recovery is available from non-government sources without creating an undue financial hardship to the applicant. The law calls this credit available elsewhere. Generally, SBA determines that over 90% of disaster loan applicants do not have sufficient financial resources to recover without the assistance of the federal government. Because the Military Reservist economic injury loans are taxpayer subsidized, Congress intended that applicants with the financial capacity to fund their own recovery should do so and therefore are not eligible for MREIDL assistance. Filing Period The filing period for small businesses to apply for economic injury loan assistance begins on the date the essential employee is ordered to active duty and ends 1 year after the essential employee is discharged or released from active duty. Credit Requirements SBA's assistance is in the form of loans, as such SBA must have a reasonable assurance that such loans can and will be repaid. Collateral Requirements Collateral is required for all MREIDLs over $50,000. SBA takes real estate as collateral when it is available. SBA will not decline a loan for lack of collateral, but SBA will require the borrower to pledge collateral that is available. Interest Rate The interest rate is 4.000%. Loan Term

12 The law authorizes loan terms up to a maximum of 30 years. SBA determines the term of each loan in accordance with the borrower's ability to repay. Based on the financial circumstances of each borrower, SBA determines an appropriate installment payment amount, which in turn determines the actual term. Loan Amount Limit The actual amount of each loan, up to this maximum, is limited to the actual economic injury as calculated by SBA, not compensated by business interruption insurance or otherwise, and beyond the ability of the business and/or its owners to provide. If a business is a major source of employment, SBA has authority to waive the $2,000,000 statutory limit. Insurance Requirements To protect each borrower and the agency, SBA requires borrowers to obtain and maintain appropriate insurance. Borrowers of all secured loans (over $50,000) must purchase and maintain hazard insurance for the life of the loan on the collateral property. By law, borrowers whose collateral property is located in a special flood hazard area must also purchase and maintain flood insurance for the full insurable value of the property for the life of the loan. Application Information Businesses may apply directly to the SBA for possible assistance. SBA will send an inspector to estimate the cost of your damage once you have completed and returned your loan application. SBA now offers you the option of filing your business disaster loan application electronically. Downloadable application forms are available at: Apply for Assistance. For additional information, please contact our Customer Service Center. Call (TTY: ) or

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