It's been more than a month since Hurricane Laura barreled through southwest Louisiana and federal disaster loans in the state have reached nearly $264 million since the Category 4 storm made landfall in Cameron Parish.
The overwhelming majority of disaster assistance loans in Louisiana went to individuals, $256 million since Aug. 22, according to the U.S. Small Business Administration.
Another $7.8 million in SBA disaster loans went to businesses in Louisiana impacted by damage during Hurricane Laura, according to the federal agency.
Businesses and residents in Acadia, Allen, Beauregard, Caddo, Calcasieu, Cameron, Grant, Jackson, Jefferson Davis, La Salle, Lincoln, Morehouse, Natchitoches, Ouachita, Rapides, Sabine, St. Landry, Union, Vermilion, Vernon and Winn parishes may be eligible for money. The deadline is Oct. 27 through the Federal Emergency Management Agency.
Individuals looking for one-on-one help can still connect through the virtual disaster loan outreach and business recovery center. It is open 7 days a week between 7 a.m. and 7 p.m. by calling (800) 659-2955 or emailing FOCWAssistance@sba.gov.
Businesses that did apply and receive money for the coronavirus pandemic economic injury disaster loan program are able to get another loan because Hurricane Laura is considered a new disaster declaration.
Businesses of any size and private nonprofit organizations are eligible to borrow up to $2 million to repair or replace any damaged real estate, machinery and equipment, including inventory and other assets related to the business. Homeowners can get loans for improvements to protect or prevent future damage.
Small businesses in particular can apply for the Economic Injury Disaster Loan, which is meant for working capital after disasters. Homeowners can get up to $200,000 for structural house damage, while homeowners and renters can get $40,000 to replace personal property.
The interest rates for these loans are 3% for businesses, 2.75% for private nonprofit organizations and 1.188% for homeowners and renters.
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