If applicants are approved for a loan, they have 60 days to decide whether to accept it, the SBA is reminding applicants. If they reject the loan offer, they can re-apply in six months.
Physical disaster loans are available to homeowners, renters, businesses, faith-based organizations and non-profit organizations.
The SBA allows those receiving loans an approximately 5-month deferment on the first repayment.
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Those receiving loans do not have to wait to settle with insurance companies before applying for a disaster loan, and no collateral required if the loan is for $25,000 or less.
To apply for an SBA disaster loan visit disasterloan.sba.gov or visit a local recovery center. Businesses and residents may also call (800) 659-2955 or email DisasterCustomerService@sba.gov. Individuals who are deaf or low-hearing may call (800) 877-8339.