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SBA outlines disaster-loan options for Milwaukee County residents; applications open through Aug. 31
Summary
An SBA public affairs specialist told the council that Milwaukee County residents affected by the April rain event can apply for low-interest disaster loans (business loans up to $2 million; homeowners up to $500,000; contents up to $100,000) and that applications are free and available at sba.gov/disaster through Aug. 31.
Jim Acurso, a public affairs specialist with the U.S. Small Business Administration's Office of Disaster Recovery, briefed residents at the July 21 meeting on available SBA disaster assistance following the April rain event.
Acurso said eligible businesses may apply for physical damage loans up to $2,000,000 to repair or replace disaster-damaged property, inventory and machinery. Homeowners can apply for loans up to $500,000 to repair or replace real estate damage, and homeowners and renters can apply for up to $100,000 for contents. He also described economic injury loans for businesses without physical damage that suffered working-capital losses.
Acurso noted there is no fee to apply, applicants have until August 31 to submit materials at sba.gov/disaster, and loan funds originate from the U.S. Treasury. He said some loans offer initial interest relief (no payments for the first year) and that mitigation measures may qualify applicants for increased loan amounts. The SBA representative left printed fact sheets and offered to coordinate with city staff to share materials.
