MacArthur, SBA Announce Disaster Assistance for Brick Flood Victims

Toms River, New Jersey—The Small Business Administration (SBA) announced it will offer low-interest SBA disaster loans to Brick residents affected by the August floods. This disaster assistance will be available to businesses, private nonprofit organizations, and individuals who suffered damaged or destroyed property, equipment, or real estate.

“Many lives were turned upside down following this summer’s devastating floods in Brick. Most of the victims were seniors, making the need for local, state, and federal resources even more critical. I saw the damage firsthand as I visited the community multiple times during the recovery process and in the immediate aftermath of the flooding. Just this month, I joined the local Brick community and welcomed back home the first resident displaced by the floods. We’ve made progress, but there is still work needed to be done,” said Congressman MacArthur. “That’s why this SBA disaster assistance loan is such an important federal resource for families and business owners trying to rebuild. I’m grateful for the ongoing work of local volunteers and support from federal agencies, like SBA, to help our seniors during these tough times. I will continue doing all I can at the federal level to ensure the Brick community gets back on its feet. ”

SBA’s Customer Service Representatives are opening a Disaster Loan Outreach Center at the Greenbriar Homeowners Association on Saturday, October 27, 2018 from 10 a.m. until 2 p.m. Operating hours are Monday-Friday, 9 a.m. until 6 p.m. The Outreach Center will close on Friday, November 2, 2018 at 4 p.m. More details can be found below.

Press release from SBA Administrator Linda McMahon:

SBA Offers Disaster Assistance to New Jersey Businesses and Residents Affected by August Severe Storms and Flooding

WASHINGTON—New Jersey businesses and residents affected by severe storms and flooding on Aug. 11-13, 2018, can apply for low-interest disaster loans from the U.S. Small Business Administration, Administrator Linda McMahon announced today.

Administrator McMahon made the loans available in response to a letter from Gov. Phil Murphy on Oct. 18, requesting a disaster declaration by the SBA.  The declaration covers Ocean and Passaic counties, and the adjacent counties of Atlantic, Bergen, Burlington, Essex, Monmouth, Morris, and Sussex in New Jersey; Orange and Rockland in New York.

“The SBA is strongly committed to providing the people of New Jersey with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said McMahon. “Getting businesses and communities up and running after a disaster is our highest priority at SBA.”

SBA’s Customer Service Representatives will be available at the Disaster Loan Outreach Center to answer questions about the disaster loan program and help individuals complete their applications.

The Centers are located in the following community and is open as indicated:

“Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory, and other business assets,” said SBA’s New Jersey District Director Alfred Titone.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster.  Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

“Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property,” said Kem Fleming, center director of SBA’s Field Operations Center East in Atlanta.

Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes.  Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.

Interest rates are as low as 3.675 percent for businesses, 2.5 percent for nonprofit organizations, and 2 percent for homeowners and renters with terms up to 30 years.  Loan amount and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at DisasterLoan.sba.gov.

Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing disastercustomerservice@sba.gov. Loan applications can also be downloaded at www.sba.gov. Completed applications should be returned to the centers or mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is Dec. 24, 2018.  The deadline to return economic injury applications is July 24, 2019.

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