The filing deadline for Kentuckians impacted by severe storms in February to apply for federal loans is approaching. People in Breathitt, Leslie, Letcher, Johnson, Knott, and 11 other counties can apply for Business Physical Disaster Loans and Home Disaster loans until April 25th.
The loans are administered through the U.S. Small Business Administration.
37 counties can apply for Economic Injury Loans, though that deadline is not until November 24th.
Jim Accurso is a spokesman for the SBA. He explained that rates are set up to help victims.
“The rates are 4% for businesses, 3.625% for non-profits, and 2.563% for homeowners and renters.”
He said the SBA has made it easier for victims to pay off the loans.
“It's deferred for one year. They won't start paying it back until month 13. So it's deferred interest-free for that entire first year before they have to pay that back. The interest rates are fixed for the duration of the loan. Those terms can be 7, 15, and 30 years.”
Accurso said there is no fee to apply for the loans, and applicants have 60 days to accept the loan offer.
Anyone impacted by the storms between February 14th and March 7th can go a disaster recovery center and speak with someone from the SBA about the loans they offer, as well as any other kind of help recovering from the floods.
The following counties can apply for all three types of loans offered:
Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, and Woodford;
The following can apply for only the economic injury loans: Allen, Anderson, Bell, Clark, Elliott, Fayette, Franklin, Jackson, Jessamine, Knox, Laurel, Lawrence, Logan, Madison, Magoffin, Mercer, Morgan, Powell, Scott, Warren, and Wolfe.
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