Deadline to Apply for Disaster Loans in Tennessee is October 15

The deadline to submit disaster loan applications for damages caused by storms and heavy rains which occurred on Aug. 5 and 6 is Oct. 15, the U.S. Business Administration announced in a statement.

Apart from Washington County the disaster declaration covers adjacent counties such as Carter, Greene, Hawkins, Sullivan and Unicoi in Tennessee.

"I encourage anyone who has not completed their disaster loan application to do so and return it as quickly as possible," Frank Skaggs, director of SBA's Field Operations Center East in Atlanta, said in a statement.

Skaggs said that homeowners with insured losses should not wait for insurance settlement before applying to the SBA.

"If someone does not know how much of their loss will be covered by insurance or other sources, the SBA will consider making a loan for the total loss up to its loan limits, provided they agree to use insurance proceeds to reduce or repay their SBA loan," he said.

Apart from the $40,000 made available to homeowners and renters, homeowners can avail an additional loan up to $200,000, which can be used to repair damaged or destroyed real estate. Meanwhile, businesses and non-profit organizations can borrow up to $2 million to replace business assets.

SBA is also offering Economic Injury Disaster loans for small businesses, agricultural cooperatives, non-profit organizations and businesses engaged in aquaculture to help meet capital needs during disaster, irrespective of whether the business suffered any property damage.

The loan amounts and terms have been set based on each applicant’s financial condition, SBA said.
It also announced that the deadline to return applications for physical property damage is October 15, 2012. The deadline to return economic injury applications is May 16, 2013.

SBA Disaster Assistance Available to Private Non-Profit Organizations in Mississippi

Meanwhile, SBA also announced that certain Private Non-Profit Organizations (PNPs) in Mississippi that do not provide critical services of a governmental nature can apply for low interest rate disaster loans. These PNPs should be those which provide non-critical services such as food kitchens, homeless shelters, museums, libraries, community centers, schools and colleges.

"PNP organizations are urged to contact the Mississippi Emergency Management Agency to obtain information about local briefings. At the meeting, PNP representatives will need to provide information about their organization," said Skaggs, which will be used to provide PNP with a reimbursement grant.