Flood assistance deadline draws near
Here’s how to get help
Editor's note: Story has been edited to add data after publication date.
Time is running out for businesses, renters and homeowners seeking assistance from the July fifth floods.
The grace period deadline for Small Business Administration Disaster Relief loans is November 27.
“Apply, apply, apply,” SBA spokesperson Anita Steenson said. “Just please apply, and hopefully people will be pleasantly surprised that we’re here to serve.”
Ms. Steenson explained that the grace period is when victims can continue to make applications and will continue to be accepted after all the statutory deadlines and extensions have expired.
Despite the organization’s name, Ms. Steenson said homeowners and renters can apply for the loans. SBA loans come at a fixed rate for 30 years and no interest and no repayments for the first year.
There are two different loans to apply for:
Homeowners and Renters: can borrow up to $500,000 for damages to the primary residents and $100,000 for personal property like vehicles at 2.8 percent.
Small Businesses and Nonprofits: can borrow up to $2 million for damages and financial loss at 3.6 percent for nonprofits and 4 percent for businesses.
All are eligible to apply if they live in Williamson County, have damages related to the disaster, and pay back ability, as Ms. Steenson calls it.
As of November 13, 275 Wilco residnets applied for a loan, according to data obtained by the Sun from the SBA. Homeowner and renter loans were the most requested applications, with 178. From those applications, a total of $6,359,900 was offered to residnets.
“The fact of the matter is, we get it. You’ve been in a disaster, you know, your employer might have been destroyed. Your ability to earn income might have been destroyed, so you do not need to have perfect credit,” she said.
The loans — which are federally funded through taxpayer dollars — can also go to residents and businesses to build protections against future disasters.
“That's your money, that’s your taxpayer dollars,” Ms. Steenson said. “Why should you dip into your savings when that money could continue to earn interest for the next year? I mean, these are your taxpayer dollars that we’re just trying to circulate back into the economy and get back to you.”
If approved for a loan, applicants have no obligation to actually accept the funds, and can turn them down without penalty.
If residents meet the qualifications, they can apply at sba.gov/disaster or at 1 800-659-2955. For those who are hearing impaired or have a speech disability, they can dial 7-1-1 to access telecommunications relay services.
Williamson County also has resources for those impacted by the July 5 Floods. Residents now have until December 5 to apply for debris removal on private property. Debris that is not reported cannot be assessed or cleared, which may lead to long-term safety concerns, drainage issues or increased risk during future storms. Residents can learn more at www.wilcotx.gov/1758/July-5-Flood-Recovery.
“All disasters are terrible and devastating,” Ms. Steenson said. “This is an opportunity for you to see your government in a better light.”
What you will need when applying
Here is a checklist of what information and documents you will need when applying for the disaster loan. After applying, remember to check the status of your application atsba.gov/disaster.
Email address and contact information for all applicants
Social Security numbers and Employer Identification Numbers for all applicants
Financial Information (i.e., income, monthly expenses, etc.)
A complete copy of the most recent federal income tax return (this can be provided later if need be)
Insurance information, if available