The U.S. Small Business Administration is offering a 45-day grace period from Monday’s deadline for Maui residents and businesses to apply for disaster loan assistance.
The SBA said in a news release today it will accept late applications for property damage disaster loans beyond the original Monday deadline.
Additionally, during this grace period, SBA is not requiring an explanation or additional documentation from survivors for the late application.
SBA Administrator Isabella Casillas Guzman granted the 45-day grace period due to the “unique magnitude of this event,” the federal agency said in a news release.
“Generally, SBA accepts late applications within a 15-day grace period after the joint FEMA/SBA deadline for a presidential disaster declaration,” the agency said, “with written explanation for the late submission any additional requirements.”
The SBA offers federal low-interest disaster loans to businesses of all sizes, most private nonprofit groups, as well as homeowners and renters.
>> Businesses may borrow up to $2 million to repair or replace disaster property damage or help meet disaster-caused working capital needs, with interest rates as low as 2.375% for private nonprofits and 4% for businesses.
>> Homeowners may borrow up to $500,000 to repair or replace their primary residence at an interest rate as low as 2.5%.
>> Homeowners and renters may borrow up to $100,000 to replace personal property, including vehicles, at an interest rate as low as 2.5%.
SBA said as of this morning, it has approved nearly $270.5 million in loans for those affected by the Maui wildfires.
To apply for an SBA loan, call 1-800-659-2955 or contact disastercustomerservice@sba.gov or visit SBA in person.
Visit www.sba.gov/hawaii-wildfires for more information.
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