SBA Offers Assistance for Terrorism Victims

Businesses of all sizes, homeowners, renters (including apartments, condominiums and cooperatives) and nonprofit organizations in the areas devastated by the terrorist attack on the World Trade Center and the Pentagon may be eligible to apply for low-interest disaster loans from the U.S. Small Business Administration.

New York area residents have already begun the challenging task of rebuilding their homes and businesses, said SBA Administrator Hector V. Barreto. As of September 25, 48 SBA disaster loans have already been approved for $4.6 million. "The people who live in these communities and the businesses that contributed the energy that made these areas thrive, will rebound and come back stronger," Barreto said.

Residents and business owners in the disaster areas are encouraged to start the recovery process by calling and registering with the Federal Emergency Management Agency at 1-800-462-9029.

SBA disaster loans cover uninsured and underinsured losses. Businesses of all sizes and nonprofit organizations may borrow up to $1.5 million to repair or replace damaged real estate, machinery and inventory. Economic injury disaster loans of up to $1.5 million are available to eligible small businesses unable to pay bills or meet operating expenses. The interest rate for these loans is 4 percent, significantly below market rates.

Homeowners may borrow up to $200,000 to repair disaster-damaged primary residences. The SBA also offers loans of up to $40,000 to homeowners and renters to replace damaged personal property like furniture and clothing. The interest rate on these loans is 3.375 percent. Extended payment terms are available for all SBA disaster loans.

To find out more about the SBA's disaster assistance program, which includes a link to FEMA, the American Red Cross, and the New York City Office of Emergency Management, visit the SBA Web site.

For more information about all of the SBA's programs for small businesses, call the SBA Answer Desk at 1-800 U ASK SBA, or visit the SBA's extensive Web site.


You may like these other stories...

By Jason Bramwell Government leaders of eight of the world's largest economies pledged on June 18 to take a tougher stance on fighting tax evasion. The Group of Eight (G8) leaders, who met in Northern Ireland,...
By Jason BramwellAttorney General Eric Holder is scheduled to testify on May 15 before the House Judiciary Committee, one day after he announced the Justice Department has opened a criminal investigation of the IRS for...
By Jason BramwellPresident Barack Obama says he will not tolerate political bias at the IRS and promised to get to the bottom of the agency's admitted targeting of conservative groups, according to a May 13 article in...

Already a member? log in here.

Upcoming CPE Webinars

Sep 24
In this jam-packed presentation Excel expert David Ringstrom, CPA will give you a crash-course in creating spreadsheet-based dashboards. A dashboard condenses large amounts of data into a compact space, yet enables the end user to easily drill down into details when warranted.
Sep 30
This webcast will include discussions of important issues in SSARS No. 19 and the current status of proposed changes by the Accounting and Review Services Committee in these statements.
Oct 21
Kristen Rampe will share how to speak and write more effectively by understanding your own and your audience's communication style.
Oct 23
Amber Setter will show the value of leadership assessments as tools for individual and organizational leadership development initiatives.