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How To Apply For Federal Loans If Your Property Was Damaged By This Year’s Storms
Workers in Long Beach create sand berms to protect beachfront homes from flooding.
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Mario Tama
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Getty Images
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Topline:
The Disaster Loan Outreach Center will open on Wednesday at 10 a.m. to help businesses and individuals affected by the winter storms, tornadoes, flooding, landslides and mudslides that occurred between Jan. 31 and Feb. 9 earlier this year. The center will be housed at the Los Angeles County Department of Mental Health and will stay open till Wednesday, June 5.
What type of help is offered? The low interest loans are being made available through the Small Business Administration. Businesses can borrow up to $2 million that can be used towards repair work for buildings, machinery, equipment or other business property destroyed by the storms. Money can also be used towards protecting businesses from future storm damage.
Homeowners can borrow up to $500,000 in disaster loans to repair or replace their homes while renters and homeowners can apply for $100,000 towards repairs or replacement of damaged items, including cars.
At the center, representatives will be able to answer questions as well as help applicants with the application process.
Key dates: The Disaster Loan Outreach Center housed in the Los Angeles County Department of Mental Health will open from 8:30 a.m. to 5:30 p.m. until Wednesday, June 5 when it will close at 5 p.m.
You can also apply online: SBA.gov/disaster. For more information, visit the website, or call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. For those who need hearing assistance, call 711.
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The deadline to apply for loans towards property damage is July 16, 2024.
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