THOMPSON: SBA DISASTER LOANS AVAILABLE FOR HOMEOWNERS IMPACTED BY EARTHQUAKE DAMAGED HIGHWAY 29 SOUND WALL
Washington, D.C. – U.S. Rep. Mike Thompson (CA-5) today announced that SBA disaster loans are still available for homeowners impacted by the sound wall on Highway 29 that was damaged in the August, 2014 Napa earthquake. Even though the deadline to apply for disaster loans has passed, homeowners will simply be asked to enter an explanation of why the application is being submitted after the deadline. A short 1-2 sentence explanation is sufficient and the homeowner only needs to explain that they believed the wall repair was going to be the responsibility of the city but later found out otherwise.
"Federal assistance is still available and eligible homeowners should apply," said Thompson. "If people have any questions they can contact my office for help."
Individuals can apply online at https://disasterloan.sba.gov/ela.
Required Information to complete the online Application includes:
- Federal Emergency Management Agency (FEMA) registration number: After a Presidential disaster declaration, you must first register with the FEMA. To obtain a registration number, call FEMA at 1-800-621-3362 (TTY: 1-800-462-7585) or visit https://www.disasterassistance.gov/.
- Contact information for all applicants
- Social security numbers for all applicants
- FEMA registration number
- Deed or lease information
- Insurance information
- Financial information (e.g. income, account balances and monthly expenses)
- Employer Identification Number (EIN) for business applicants
SBA Fact Sheet for Homeowners and Renters
If you are in a declared disaster area and are the victim of a disaster, you may be eligible for a low-interest rate disaster loan from the U.S. Small Business Administration - even if you don't own a business. As a homeowner, renter and/or personal-property owner, you may apply to the SBA for a loan to help you recover from a disaster.
Renters and homeowners alike may borrow up to $40,000 to repair or replace clothing, furniture, cars or appliances damaged or destroyed in the disaster. Homeowners may apply for up to $200,000 to repair or replace their primary residence to its pre-disaster condition.
The loans may not be used to upgrade homes or make additions unless as required by local building authority/code. Loans may be increased up to 20 percent of the total amount of physical loss, as verified by SBA, to make improvements that lessen the risk of property damage by future disasters of the same kind.
Secondary homes or vacation properties are not eligible for these loans. However, qualified rental properties may be eligible for assistance under our business loan program.
Any proceeds from insurance coverage on your property or home will be deducted from the total damage to the property to determine the loan amount you are eligible for. SBA is not permitted to duplicate any benefits.
For applicants unable to obtain credit elsewhere the interest rate will not exceed 4 percent. For those who can obtain credit elsewhere, the interest rate will not exceed 8 percent. SBA determines whether an applicant has credit available elsewhere.
SBA offers loans with long-term repayments in many cases up to 30 years. Terms are determined on a case-by-case basis, based upon each borrower's ability to repay.
For additional information, please contact our Customer Service Center. Call 1-800-659-2955 (TTY: 1-800-877-8339) or e-mail disastercustomerservice@sba.gov (link sends e-mail).
Congressman Mike Thompson is proud to represent California's 5th Congressional District, which includes all or part of Contra Costa, Lake, Napa, Solano and Sonoma Counties. He is a senior member of the House Ways and Means Committee. Rep. Thompson is also a member of the fiscally conservative Blue Dog Coalition and chairs the bipartisan, bicameral Congressional Wine Caucus.
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