21 Aug 2020
Residents of Saint Croix, Barron, Dunn, Pierce, and Polk Counties in Wisconsin; and Washington County in Minnesota; with property damaged by the June 28 to Aug. 1 severe storms and flooding have until Oct. 5 to apply for disaster loans from the U.S. Small Business Administration (SBA) for their uncompensated losses.
In times of disaster, the SBA makes low-interest disaster loans to homeowners and renters, non-profit organizations, faith-based organizations, and businesses of all sizes for their disaster-damaged property. Businesses can apply for a physical disaster loan or for an Economic Injury Disaster Loan for economic losses related to the disaster. The loans are direct from the U.S. Treasury and the interest rate and terms do not change.
Applicants do not have to wait to settle with their insurance company before applying for a disaster loan. Interest rates are as low as 1.25 percent for homeowners and renters, 2.75 percent for non-profit organizations, and 3 percent for businesses, with terms up to 30 years. There is no cost to apply, and no collateral required for loans of $25,000 or less. If approved, applicants can choose to accept a partial amount, and there is no prepayment penalty.
Applications for disaster loans can be made online at disasterloan.sba.gov. The SBA has dedicated phone lines for this disaster. For application assistance, call 202-803-3307 or 470-363-5936 weekdays between 8 a.m.-5 p.m., or email to FOCE-Help@sba.gov. For assistance in the evenings or on weekends, call SBA’s Customer Service Center at (800) 659-2955.