The U.S. Small Business Administration (SBA) announced SBA disaster loans for physical and economic damages due to the remnants of Hurricane Ida are now available in Essex, Hudson, Mercer, Morris and Union counties in New Jersey. Also, SBA will open another Business Recovery Center (BRC) in Bergen County at the Bergen Community College Ciarco Learning Center, on Tuesday, Sept. 14, at 8 a.m., to assist businesses with one-on-one assistance in submitting disaster loan applications for damages due to the disaster on Sept. 1-3, 2021. Physical and Economic Injury Disaster Loans are available to businesses, nonprofit organizations, homeowners and renters in Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset and Union counties in New Jersey. Economic Injury Disaster Loans only are available to small businesses and most nonprofit organizations in the following adjacent counties: Atlantic, Burlington, Camden, Cumberland, Monmouth, Salem, Sussex and Warren in New Jersey; New Castle in Delaware; Bronx, New York, Orange, Rockland and Westchester in New York; and Bucks, Delaware and Philadelphia in Pennsylvania.
The SBA will open a second Business Recovery Center on Tuesday, Sept. 14 at 8 a.m. in Bergen County.
All SBA Centers are open as indicated below until further notice:
Bergen Community College Ciarco Learning Center
355 Main Street
Hackensack, NJ 07601
Opens: Tuesday, Sept. 14 at 8 a.m.
Hours: Monday – Friday, 8 a.m. to 5 p.m.
Saturday, 10 a.m. to 4 p.m.
Mantua Township Municipal Building
401 Main Street
Mantua, NJ 08051
Hours: Monday – Friday, 8 a.m. to 4:30 p.m.
Saturday, 10 a.m. to 4 p.m.
Customer Service Representatives are available at the BRCs to answer questions about the disaster loan program and assist business owners in completing their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the DLOC are encouraged to wear a face mask.
Homeowners and renters may meet with an SBA Customer Service Representative at any FEMA Disaster Recovery Center (DRC) to get answers to their questions and assistance in applying for a disaster loan. Business owners unable to go to a Business Recovery Center may also visit SBA at the DRCs.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. 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 sump pump, elevation, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
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.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 2.855 percent for businesses, 2 percent for nonprofit organizations and 1.563 percent for homeowners and renters, with terms up to 30 years. Loan amounts 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 https://DisasterLoanAssistance.sba.gov/ela/s/ and should apply under SBA declaration # 17143, not for the COVID 19 incident.
To be considered for all forms of disaster assistance, applicants should register online at DisasterAssistance.gov or download the FEMA mobile app. If online or mobile access is unavailable, applicants should call the FEMA toll-free helpline at 800-621-3362. Those who use 711-Relay or Video Relay Services should call 800-621-3362.
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 emailing DisasterCustomerService@sba.gov. Loan applications can also be downloaded at sba.gov/disaster. Completed applications should be 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 Nov. 4, 2021. The deadline to return economic injury applications is June 6, 2022.
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit sba.gov.