The U.S. Small Business Administration (SBA) recently approved a disaster declaration for Jefferson County. SBA provides low-interest, long-term disaster loans to businesses of all sizes, private, non-profit organizations, homeowners and renters to repair or replace uninsured/underinsured disaster damaged property.
The SBA will also offer Economic Injury Disaster loans for businesses that may or may not have sustained any physical damage, but who have difficulty meeting their routine obligations because of the disaster.
This declaration is for damages received during the severe storms that occurred April 12, 2020. Residents and businesses who suffered damage in Arkansas, Cleveland, Grant, Jefferson, Lincoln, Lonoke and Pulaski counties in Arkansas are eligible to apply. The filing deadline to return applications for property damage is Aug. 17, 2020. The deadline for businesses who suffered economic damage to return economic injury applications is March 17, 2021.
The SBA recommends that residents and businesses first file their insurance claims. They should not wait for your insurance to settle before applying for SBA assistance. SBA may be able to get their money to them sooner than their insurance, and we will work with insurance companies to make certain that no double-payments occur.
In response to the Coronavirus pandemic, for this disaster SBA will establish a virtual Disaster Loan Outreach Center to answer questions about SBA’s disaster loan program, explain the application process and help each individual complete their electronic loan application.
Virtual Disaster Loan Outreach Center
Mondays – Fridays
9 a.m. – 5:30 p.m.
These services are only available for the Arkansas disaster declaration as a result of the severe storms and straight-line winds that occurred April 12, 2020, and not for COVID-19 related assistance.