SBA Application For The Loan and FAQs. SBA Disaster Loan Program: Faq’s

loan processing times, and

For extra information on small company Administration Disaster Loan Program related to , see CRS Insight IN11370, SBA EIDL and crisis EIDL Grants for , by Bruce R. Lindsay; CRS Report R46284, Relief Assistance to smaller businesses: problems and Policy Options, by Robert Jay Dilger, Bruce R. Lindsay, and Sean Lowry; and CRS Insight IN11357, -Related Loan Assistance for Agricultural Enterprises, by Robert Jay Dilger, Bruce R. Lindsay, and Sean Lowry.

Contents

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Introduction

SBA Disaster Loan Program: General Ideas and Concerns

Exactly Just Exactly How Could Be The System Put into Impact?

Can Disaster Loans Be utilized in Conjunction with Insurance or any Other forms of Assistance?

Can Loans Be Issued Before the insurance coverage Settlement?

What Types Of Collateral Are Required for Catastrophe Loans?

What exactly are SBA Loan Processing Instances for Tragedy Loans?

Residence Bodily and Private Property Disaster Loans

Which kind of Loans can be found to people and Households?

Just So What Can Property Loans Be Used that is personal for?

Exactly Exactly What Can Genuine Property Loans Be Useful For?

Can Real Property Loans Be Useful For Mitigation?

Do you know the rates of interest and Terms for private Property Loans and Real Property Loans?

What Types Of Collateral Are Essential for Home Disaster Loans?

Business Disaster Loans

What kind of Loans can be obtained to organizations?

What Kinds of Companies Are Entitled To Business Bodily Tragedy Loans?

Exactly what can Company Real Catastrophe Loans be applied For?

Can Business Physical Catastrophe Loans Be Applied for Mitigation?

Exactly what are the rates of interest and Terms for Business bodily catastrophe Loans

So what can Economic disaster that is injury be utilized For

Just Exactly What Companies Are Entitled To Economic Injury Catastrophe Loans?

Can a company Secure an EIDL and a small business Physical Disaster Loan?

Which are the rates of interest and Terms for EIDLs?

What types of Collateral are expected for Business Disaster Loans?

Overview

This report responds to often asked questions regarding the small company management (SBA) Disaster Loan Program. The SBA Disaster Loan Program provides direct loans to assist organizations, nonprofit businesses, home owners, and renters repair or replace property damaged or destroyed in a federally announced tragedy. This system can also be built to assist tiny agricultural cooperatives retrieve from financial damage caused by a tragedy. SBA catastrophe loans consist of (1) Residence and Personal Property Disaster Loans, (2) Business Physical tragedy Loans, and (3) Economic Injury catastrophe Loans (EIDL). Many disaster that is direct (roughly 80%) are granted to people and households as opposed to smaller businesses. This system generally provides disaster that is low-interest at a fixed rate with loan maturities as high as three decades.

Key problems of great interest to Congress consist of:

the way the system is put in impact,

How Congress that is much appropriates this system,

what kinds of loans can be obtained to organizations and home owners,

the usage of SBA tragedy loans together with insurance coverage,

loan rates of interest and terms for SBA tragedy loans,

eligible tasks,

loan processing times, and

security needs.

For extra information on small company Administration Disaster Loan Program related to , see CRS Insight IN11370, SBA EIDL and crisis EIDL Grants for , by Bruce R. Lindsay; CRS Report R46284, Relief Assistance to smaller businesses: problems and Policy Options , by Robert Jay Dilger, Bruce R. Lindsay, and Sean Lowry; and CRS Insight IN11357, -Related Loan Assistance for Agricultural Enterprises , by Robert Jay Dilger, Bruce R. Lindsay, and Sean Lowry.

Introduction

This report responds to often asked questions regarding the small company management (SBA) Disaster Loan Program. Authorized by the little Business Act, the SBA Disaster Loan Program happens to be a supply of financial assist with companies, nonprofit companies, home owners, and tenants because they repair or replace home damaged or destroyed in a federally announced tragedy. 1 The SBA Disaster Loan Program can also be made to assist little cooperatives that are agricultural from economic damage caused by a tragedy. SBA tragedy loans include (1) Residence and Personal Property Disaster Loans, (2) business disaster that is physical, and (3) Economic Injury catastrophe Loans (EIDL).