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SBA extends tornado-loan deadline

Published: Tuesday, August 13, 2019 @ 2:07 PM

A tornado-damaged home in Trotwood’s Moss Creek development. Many homes in this former golf course were destroyed by the Memorial Day tornadoes. This photo was taken in late July. TY GREENLEES / STAFF
A tornado-damaged home in Trotwood’s Moss Creek development. Many homes in this former golf course were destroyed by the Memorial Day tornadoes. This photo was taken in late July. TY GREENLEES / STAFF

The deadline to apply for U.S. Small Business Administration loans in rebuilding from the Memorial Day tornadoes has been pushed back to Sept. 3.

Ohio businesses and disaster survivors now have until then to apply for loans covering physical damage losses, the SBA said Tuesday. The previous deadline was August 19.

The deadline to apply for loans for homes and businesses suffering long-term economic injury from the tornadoes remains March 18, 2020.

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Businesses, homeowners and renters are eligible to apply. 

Also, the Montgomery County Disaster Recovery Center (DRC), run by Ohio and the U.S. Federal Emergency Management Agency, will change its hours of operation starting Thursday.

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The center’s new hours will be 10 a.m. to 7 p.m., Monday through Friday, and Saturday, 10 a.m. to 5 p.m.

The center is at Dayton Children’s Hospital in the Child Health Pavilion, 1010 Valley St., Dayton.

Survivors of the Memorial Day weekend storms who have registered with FEMA but have questions about their case can go to the DRC for one-on-one assistance.

“The extension will allow the businesses, homeowners, renters and private nonprofit organizations additional time to submit their SBA disaster loan applications and obtain the funding they need for disaster related repairs and replacements” SBA Great Lakes Regional Administrator Robert L. Scott, III said in a release.

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Businesses can receive free assistance with reconstructing financial records, preparing financial statements and submitting the loan application from any of SBA’s partners: Small Business Development Centers, SCORE, Women’s Business Centers, and Veterans Business Outreach Centers.

Homeowners and renters unable to obtain an SBA low-interest disaster loan are referred to FEMA for grant consideration.

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster damaged or destroyed real estate, machinery and equipment, inventory and other business assets.

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Disaster loans up to $200,000 are available to homeowners to repair or replace disaster damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace disaster damaged or destroyed personal property.