The Utah earthquake declared a presidential disaster, and SBA assistance is now available

SALT LAKE CITY (ABC4 News) – The US Small Business Administration announced that low-interest federal disaster loans are now available to Utah companies and their residents. President Trump issued a major disaster declaration covering the provinces of Davis and Salt Lake.

The announcement is the result of the earthquake and subsequent tremors that occurred from March 18 to April 17, 2020.

Construction workers look at rubble from a building after the Wednesday, March 18, 2020 earthquake in Salt Lake City. An earthquake of 5.7 magnitude shook the city and its environs. The earthquake forced panicked residents to take to the streets, cut electricity to tens of thousands of homes and shut down the city’s airport and light rail system. (AP Photo / Rick Bowmer) extended PPP until August

Small Business Director Jovita Carranza said:

“SBA is strongly committed to providing Utah with the most effective, customer-focused response with access to federal disaster loans to help companies and residents affected by this disaster.”

“Creating our businesses and communities and operating them after a disaster is our top priority at SBA.”

According to a press release sent to ABC4 News:

Firms of all sizes and private, non-profit organizations may borrow up to $ 2 million to repair or replace real estate, machinery, equipment, inventory, and other damaged or destroyed commercial assets. SBA can also lend additional money to companies and homeowners to help cost improvements to protect, prevent, or reduce the same type of disaster damage that occurs in the future.

For small businesses, small agricultural cooperatives, small businesses involved in aquaculture, and most private non-profit organizations of any size, SBA provides economic injury loans to help meet the needs of working capital due to the disaster. Economic injury assistance is available to companies regardless of any property damage.

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Disaster loans of up to $ 200,000 are available for homeowners to repair or replace damaged or destroyed properties. Homeowners and tenants are entitled to up to $ 40,000 to repair or replace damaged or destroyed personal property.

Interest rates can be as low as 3.75 percent for companies, 2.75 percent for non-profit private organizations and 1.563 percent for homeowners and tenants on terms up to 30 years. Loan amounts and terms are determined by the SBA and are based on the financial condition of each applicant.

To consider all forms of disaster assistance, survivors must first contact the Federal Emergency Management Agency at www.disasterassistance.gov. Applicants can apply online, receive additional information for disaster assistance and download applications at https://disasterloanassistance.sba.gov/. Applicants can also call the SBA Customer Service Center at (916) 735-1500 or send an email to [email protected] for more information on SBA’s disaster assistance. Deaf or hard of hearing individuals can call (800) 8339-877. Completed applications must be mailed to the U.S. Small Business Administration and Treatment and Disposal Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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