Michael Guido

New Post: SBA Expands Disaster Loan Assistance to Texas Nonprofits in 58 Counties - https://lnkd.in/gTBwgCwF - The U.S. Small Business Administration (SBA) has announced amendments to the disaster declaration for Texas, enabling low-interest federal disaster loans for private nonprofit organizations in 58 counties. This follows President Biden’s May 23 major disaster declaration for Public Assistance due to severe storms, straight-line winds, tornadoes, and flooding that occurred between April 26 and June 5. SBA Administrator Isabella Casillas Guzman emphasized that nonprofits providing essential services of a governmental nature are now eligible for assistance. Eligible counties include Anderson, Austin, Baylor, Bell, Bosque, Brown, Caldwell, Calhoun, Clay, Cochran, Coke, Coleman, Concho, Cooke, Coryell, Delta, Eastland, Falls, Fannin, Freestone, Grimes, Hamilton, Hardin, Harris, Henderson, Hockley, Houston, Jasper, Kaufman, Lamar, Lampasas, Lee, Leon, Liberty, Limestone, Lynn, Madison, Milam, Mills, Montgomery, Newton, Panola, Polk, Robertson, Rockwall, Rusk, San Augustine, San Jacinto, San Saba, Shelby, Sterling, Terrell, Trinity, Tyler, Van Zandt, Walker, Waller, and Washington. Francisco Sánchez Jr., associate administrator for the SBA’s Office of Disaster Recovery and Resilience, advised private nonprofit organizations to contact the Texas Division of Emergency Management Recovery Division for information on applicant briefings. These briefings will require nonprofits to provide details about their operations. FEMA will use this information to determine if the organization provides an “essential governmental service” and qualifies as a “critical facility.” If eligible, FEMA may grant Public Assistance funds to cover costs. The SBA encourages all private nonprofits to apply for disaster loan assistance as well. The SBA may offer loans of up to $2 million to repair or replace damaged or destroyed property, machinery, equipment, inventory, and other business assets. Additional funds can be lent for improvements to prevent future disaster damage. Economic Injury Disaster Loans are also available to address working capital needs, such as fixed debts, payroll, accounts payable, and other bills impacted by the disaster. These loans are available regardless of whether the organization suffered property damage. The interest rate for these loans is set at 3.25% with terms extending up to 30 years. The deadline to apply for property damage assistance is July 22, 2024, while the deadline for economic injury applications is February 24, 2025. Importantly, interest does not accrue until 12 months from the first loan disbursement, and repayment also begins 12 months after the first disbursement. Applicants can apply online and find more information at SBA.gov/disaster. Additional assistance is available through SBA’s Customer Service Center at (800) 659-29

New Post: SBA Offers Low-Interest Loans to Texas Businesses and Residents After Hurricane Beryl - https://lnkd.in/guc53yCq - The U.S. Small Business Administration (SBA) announced the availability of low-interest federal disaster loans for Texas businesses and residents following President Biden’s major disaster declaration. This declaration addresses the impacts of Hurricane Beryl, which affected Brazoria, Chambers, Galveston, Harris, Jackson, Jasper, Jefferson, Liberty, Matagorda, Montgomery, Orange, Polk, San Jacinto, Walker, and Wharton counties from July 5-9. “SBA’s mission-driven team stands ready to help Texas’s small businesses and residents impacted by Hurricane Beryl,” said SBA Administrator Isabella Casillas Guzman. “We’re committed to providing federal disaster loans swiftly and efficiently, with a customer-centric approach to help businesses and communities recover and rebuild.” Francisco Sánchez Jr., associate administrator for the SBA’s Office of Disaster Recovery and Resilience, highlighted the agency’s ongoing support, stating, “As a native Houstonian, I am deeply concerned for communities now facing two historic disasters within a matter of weeks. Hurricane Beryl was catastrophic and deadly. The U.S. Small Business Administration is still on the ground responding to the derecho and will send reinforcements in response to Beryl. I was on the ground just days after the storm and I can assure Texans that the Biden-Harris Administration will be with them every step of the way. SBA will work across local, state, federal, business, and non-profit partners to make every possible resource available.” Eligible businesses and private nonprofit organizations can apply for loans up to $2 million to repair or replace damaged properties, equipment, inventory, and other business assets. Additional funding may be available to help businesses make improvements that reduce future disaster risks. For small businesses, small agricultural cooperatives, and private nonprofits, SBA offers Economic Injury Disaster Loans to help cover working capital needs caused by the disaster. This financial support is available even if the business did not suffer property damage. Homeowners can borrow up to $500,000 to repair or replace damaged real estate, while homeowners and renters can receive up to $100,000 to cover personal property losses, including vehicles. Interest rates for these loans can be as low as 4 percent for businesses, 3.25 percent for private nonprofits, and 2.688 percent for homeowners and renters, with repayment terms of up to 30 years. Loan amounts and terms depend on each applicant’s financial condition. Interest does not begin to accrue until 12 months after the first loan disbursement, with repayment starting 12 months from the first disbursement. The SBA will provide personalized assistance to disaster loan applican