Residents in Illinois affected by the severe storms from July 13 to 16 can seek financial assistance through FEMA grants and SBA disaster loans. These loans help with uninsured losses and cover various needs, including home repairs and personal goods replacement, with repayment terms tailored to the borrower’s budget. The deadline to apply for FEMA and SBA assistance is November 19. To apply for assistance without visiting a center, go online to DisasterAssistance.gov, download the FEMA mobile app, or call the FEMA Helpline at 800-621-3362. If you use a relay service such as video relay service, captioned telephone service, or others, give FEMA your number for that service when you apply.
SBA programs can help homeowners and renters, as well as large and small businesses (including apartment owners) and nonprofit organizations.
Homeowners may be eligible for up to $500,000 in low-interest loans to repair or replace their homes. Renters and homeowners who lost personal goods in the disaster may be eligible to borrow up to $100,000 to replace the things they need, like clothing or furniture—even a vehicle.
If you are a business owner in one of Illinois’ designated counties who was affected by the July 13th-16th severe storms, straight-line winds, tornadoes, and flooding and need assistance following the disaster, there is a good chance the SBA can help, but you must apply first.
Low-interest disaster rates are available.
SBA can offer a loan that fits your budget. Interest rates are as low as 2.688% for homeowners and renters, 4.0% for businesses, and 3.25% for nonprofit organizations. After receipt of the initial loan disbursement, your first payment will not be due for 12 months, and no interest will accrue during those 12 months. There is no cost to apply, no points, and no origination fees. You may have up to 30 years to pay, and there is no pre-payment penalty if you pay the loan off early.
If you already have a mortgage on a damaged property, SBA specialists can help with a low-interest loan you can afford. In some cases, SBA can refinance all or part of an existing mortgage.
SBA is the largest source of recovery funds.
SBA disaster loans are the largest source of federal disaster recovery funds for survivors. SBA disaster loans cover losses not fully compensated by insurance, FEMA grants, or other resources. Survivors should not wait for an insurance settlement before submitting an SBA loan application. They may discover they were underinsured for the deductible or labor and materials required to repair or replace their home.
Funds to reduce future disaster risks may be available.
Eligible SBA disaster loan borrowers may choose to receive expanded funding for mitigation measures to strengthen their homes or businesses against future disasters. SBA disaster loans can be increased up to 20% to make mitigation upgrades.
Whether you’re recovering from a declared disaster or planning and thinking about how to protect your home and family, business, and employees, mitigation assistance not only helps you rebuild and get back to business but the money can also be used to make property improvements that reduce or eliminate future damage or save lives.
SBA approval of mitigating measures is required before any loan increase can be made. There is no cost to apply, and you are under no obligation to accept a loan if approved.
Even simple things can strengthen your home or business today to avoid damage and unplanned costs in the future.
As of October 15th, funds for the Disaster Loan Program have been fully expended. No new loans can be issued until Congress appropriates additional funding, but applicants are encouraged to submit their loan applications for review in anticipation of future funding. Learn more about SBA disaster assistance at sba.gov/disaster. Visit www.fema.gov/disaster/4819 for more information about disaster recovery in Illinois.