Williamson County Chamber: SBA Physical Loan Deadline Is July 7 For Tennessee Businesses And Residents

Press release from Williamson County Chamber:

June 21, 2021

Disaster Field Operations Center East

Release Date: June 7, 2021 Contact: Michael Lampton (404) 331-0333 Michael.Lampton@sba.gov

Release Number: 21-388, TN 16970/16971 Follow us on Twitter, Facebook, Blogs & Instagram

SBA Physical Loan Deadline is July 7 for Tennessee Businesses and Residents

Affected by Severe Storms, Tornadoes and Flooding

ATLANTA – The U.S. Small Business Administration (SBA) encourages businesses of all sizes, private nonprofit organizations, homeowners and renters to apply for physical damage disaster loans before the July 7 deadline. Anyone in the declared counties in Tennessee with damages caused by severe storms, tornadoes and flooding from March 25 through April 3, 2021 should apply for the disaster loan program.

“Waiting to file an SBA application could cause unnecessary delays in receiving disaster assistance, and survivors may miss the application deadline. Submitting the loan application is an essential part of the disaster recovery process,” said Kem Fleming, director of SBA Field Operations Center East.

The disaster declaration covers Davidson, Williamson and Wilson counties in Tennessee, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Cannon, Cheatham, Dekalb, Dickson, Hickman, Marshall, Maury, Robertson, Rutherford, Smith, Sumner and Trousdale.

In accordance with health precautions for COVID-19, the SBA will not establish a field presence to assist survivors. However, the SBA will continue to provide customer service and conduct outreach virtually with webinars, phone assistance and step-by-step application assistance. The SBA has opened a Virtual Disaster Loan Outreach Center/Business Recovery Center (VDLOC/VBRC) to help survivors apply online using the Electronic Loan Application (ELA) via the SBA’s secure website at DisasterLoan.sba.gov. Virtual customer support representatives are available to help applicants complete the online application during these hours:

Survivors may contact the SBA’s Disaster Customer Service Center at (800) 659-2955 for assistance in completing their loan applications. Requests for SBA disaster loan program information may be obtained by emailing DisasterCustomerService@sba.gov. Virtual customer support representatives are available to help applicants complete the online application during these hours:

Virtual Disaster Loan Outreach Centers (VDLOCs)
Open: Monday – Sunday (7 days/week)
Hours: 8 a.m. – 8 p.m. EST
Email: FOCE-Help@sba.gov
Phone: (800) 659-2955

Physical disaster loans are available to homeowners, renters, businesses of all sizes and non-profit organizations to repair or replace disaster-damaged property, including contents and automobiles. For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates are as low as 3 percent for businesses, 2 percent for nonprofit organizations and 1.25 percent for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

Applicants may apply online, receive additional disaster assistance information, and download applications at DisasterLoan.sba.gov. Individuals who are deaf or hard-of-hearing may call (800) 877-8339. Loan applications can also be downloaded at sba.gov/disaster. Completed paper applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. The filing deadline to return applications for physical property damage is July 7, 2021. The deadline to return economic injury applications is Feb. 8, 2022.

This press release was produced by Williamson County Chamber. The views expressed here are the author’s own.