Disaster Aid Loans Offered to victims of Powerhouse fire

Compiled from an SBA Advisory

Low-interest federal disaster loans are available to homeowners, renters, businesses of all sizes and private, nonprofit organizations whose property was damaged or destroyed during the Powerhouse fire that occurred in Los Angeles County May 30 to June 11 2013. U.S. Small Business Association (SBA) assistance will be available in Los Angeles, Ventura and Kern Counties. A center in the Lake Hughes, Elizabeth Lake area will remain open until 4:30 p.m. on July 11.

Disaster loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property. SBA can also lend funds to homeowners and businesses to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

Businesses of any size and private, nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

Agents will be at the Los Angeles County Disaster Loan Outreach Center at the Hughes-Elizabeth Lakes Union Elementary School District facility [16633 Elizabeth Lake Road, Lake Hughes, CA 93532] from 8 a.m. to 4:30 p.m. Mon-Fri.(closed Thursday, July 4).

They will issue loan applications, answer questions about the disaster loan program, explain the application process and help individuals complete application. No appointment is necessary.

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

Interest rates can be as low as 1.875 percent for homeowners and renters, 2.875 percent for private, nonprofit organizations, and 4 percent for businesses, with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
The filing deadline to return applications for property damage is August 26, 2013. The deadline to return economic injury applications is March 25, 2014.

Applications may also be made online via SBA’s secure Web site athttps://disasterloan.sba.gov/ela. Information and application forms are also available from SBA’s Customer Service Center at 800-659-2955 or disastercustomerservice@sba.gov or at http://www.sba.gov/services/disasterassistance. Individuals who are deaf or hard-of-hearing may call (800) 877-8339.

This is part of the June 21, 2013 online edition of The Mountain Enterprise.

Have an opinion on this matter? We'd like to hear from you.