ATLANTA, Feb. 19, 2013 /PRNewswire-USNewswire/ -- The U. S. Small Business Administration has approved over $1 billion in low interest Disaster Assistance Loans for residents and businesses in New York affected by Hurricane Sandy and is continuing to do more. The deadline to apply for physical damage disaster assistance is Feb. 27.
"Currently 15,216 disaster loans have been approved in the amount of $1,030,456, 300 for affected survivors," said Frank Skaggs, director of SBA's Field Operations Center East in Atlanta. "We are pleased to reach this significant milestone in New York. However, there are many who have yet to apply. For some people, the combination of grant assistance and insurance proceeds will not be enough to rebuild and recover. We strongly encourage those affected by Sandy to return their completed disaster loan application before the deadline so the SBA can provide as much help as possible," added Skaggs.
The sooner one returns a completed loan application, the sooner he or she can potentially receive financial assistance from the SBA. Those who are approved for a disaster loan can choose whether or not to use the loan. Homeowners and renters not approved for a disaster loan may be referred back to FEMA for additional grant consideration. Furthermore, if a survivor does not know how much of their loss will be covered by insurance or other sources, SBA will consider making a loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay their SBA loan.Applicants may apply online using the Electronic Loan Application (ELA) via SBA's secure website at https://disasterloan.sba.gov/ela or visit one of the local recovery centers for one-on-one assistance. For more information, contact the SBA Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by visiting www.sba.gov. The filing deadline to return applications for physical property damage is February 27, 2013 . The deadline to return economic injury applications is July 31, 2013 . For more information about the SBA's Disaster Loan Programs, visit our website at www.sba.gov. Contact: Michael Lampton Phone: 404-331-0333 Release Number: 13-303 NY 13365/13366 SOURCE U.S. Small Business Administration