Small Business Administration Announces Loans For Storm Damage

Indiana residents in counties impacted by recent severe storms and tornadoes can apply for low-interest disaster loans. U.S. Small Business Administration spokesperson Kathy Cook says this decision is aimed to help businesses avoid shutting down in the wake of the storms.

There are individuals and businesses without insurance to cover all of their losses, so SBA’s disaster assistance program offers low-interest loans to businesses of all sizes, homeowners, and renters,” Cook says.

The business loans can pay for up to $2 million for a variety of repairs.

"The $2 million can cover their physical damage, which would be damage to the real estate, lease-hold improvements, furniture, and fixtures,” she says. “It can also include, for small businesses, economic injury disaster loan funds.”

Businesses and homeowners can apply online. The deadline for physical property damage is Step. 3, and the deadline for economic injury applications is April 3, 2020.