Businesses and homeowners who suffered damage in the flash floods in southern Louisiana last month are now eligible for up to $ 2 million in low-interest emergency loans to help them get by. restore.
Support became available to people in Ascension, Calcasieu, East Baton Rouge, Iberville and Lafayette parishes after President Joe Biden approved Louisiana’s request for disaster assistance this week.
In addition to grants for homeowners who live on their property and need assistance through FEMA, the federal government also offers low-interest loans through the US Office of Disaster Assistance.
Disaster Recovery Loans make up to $ 2 million available to small businesses, nonprofits and those in the aquaculture industry, even if they have not suffered any material damage .
âIt’s a temporary injection of capital for a struggling company for something that was totally out of their control,â said Susheel Kumar, spokesperson for the US Office of Disaster Assistance.
Coverage can be used for several claims not covered by insurance, such as:
- Repair and replace property not covered or under covered by insurance
- Loss of income due to disruption, such as a tenant leaving rental properties
- Inability to pay bills, such as utilities, fixed debts, and maintenance of health care benefits
Those looking for loans would be required to submit their losses to the SBA, which offers rates of around 2.8% and up to 30 years with no prepayment penalty.
People in need of loans must first file claims with their insurance companies before applying for the loans, which are provided through the National Treasury, Kumar said.
The federal government on Thursday began accepting disaster recovery claims for residents and business owners who have suffered property damage as a result …
More than 1,100 people in the parish of East Baton Rouge and more than 1,800 others across the state have reported damage from the flood last month. Parts of the Baton Rouge area were hit with up to 13.7 inches of rain during the heaviest downpours, which saw rapidly increasing floodwaters seep into people’s homes.
More than 1,600 submitted recovery assistance notices to FEMA on Friday, the agency said.
The Louisiana Workforce Commission also announced on Friday that it was starting to offer unemployment disaster assistance to workers and self-employed workers in affected parishes.
Eligibility for Disaster Unemployment Assistance includes:
- People who were supposed to start working but cannot because of the disaster
- Workers unable to reach their place of work or self-employment due to the disaster
- Those who can no longer work due to physical damage at their workplace
- Workers who cannot perform work due to a physical injury sustained during the disaster
- People who have become the breadwinner or major maintainer of their household following the death of the head of household
Candidates can apply on the Labor Commission website or by calling 1-866-783-5567.
The deadline to apply for these benefits is July 6.
President Joe Biden on Wednesday approved a declaration of disaster for Louisiana following torrential rains and flooding that swept away statistics …