The U.S. Small Business Administration (SBA) will dole out federal loans of up to $200,000 for damage to people’s homes, or up to $2 million for damage to their businesses. Homeowners and renters are also eligible for loans of up to $40,000 covering the cost of the many personal possessions lost in the unusually strong storm.
Residents and small business owners in Arlington, Alexandria, Falls Church and Fairfax County are eligible to apply.
Residents will have until October 7, 2019 to request a loan to cover physical property damage, and businesses will have until May 7, 2020 to request a loan for economic damage.
“Applicants may be eligible for a loan amount increase up to 20 percent of their physical damages, as verified by the SBA for mitigation purposes,” the governor’s office and Virginia Department of Emergency Management wrote a joint press release. “Eligible mitigation improvements may include a safe room or storm shelter to help protect property and occupants from future damage caused by a similar disaster.”
The terms SBA sets for the loans will depend on the individual, officials say, but can last 30 years with interest rates around 4% for businesses, 2.75% for nonprofits, and 1.938% for homeowners.
“The SBA is strongly committed to providing the people of Virginia with the most effective and customer-focused response possible to assist businesses of all sizes, homeowners and renters with federal disaster loans,” said Acting Administrator Christopher Pilkerton.
“We appreciate the Small Business Administration approving our request for financial assistance to help Virginians get back on their feet and move forward as quickly as possible,” Northam said in a statement. “We will continue working in close coordination with the affected communities to support their recovery.”
In the meantime, SBA is setting up a space in Arlington for residents to come with questions about the loan process. The space, dubbed the “Disaster Loan Outreach Center,” will be located in the Arlington Trades Center (2700 S. Taylor Street) and will open for about a week, starting next Tuesday.
The schedule, per the governor’s office:
- Tuesday, August 13 — 11:00 AM to 8:00 PM
- Wednesday, August 14 — 11:00 AM to 8:00 PM
- Thursday, August 15 — 11:00 AM to 8:00 PM
- Friday, August 16 — 10:00 AM to 6:00 PM
- Saturday, August 17 — 9:00 AM to 1:00 PM
- Sunday, August 18 — CLOSED
- Monday, August 19 — 11:00 AM to 8:00 PM
In addition to online applications at DisasterLoan.sba.gov, paper applications can be mailed to the SBA’s Processing and Disbursement Center, located at 14925 Kingsport Road in Fort Worth, TX.
Residents can contact the SBA with questions by emailing disastercustomerservice@sba.
Over 1,000 residents filed damage reports with the county and Arlington declared a state of emergency in the hopes of applying for state and federal aid. As repair costs mounted and the county said it wasn’t liable for sewer damage, several businesses, neighborhoods, and homeowners said they were forced to set up online fundraising campaigns.
The July flash floods dealt an estimated $4.1 million worth of damage to county-owned property and damaged dozens of buildings on the Joint Base Myer-Henderson Hall. These properties are not eligible for SBA loans.
Good Friday evening, Arlington. Let’s take a look back at today’s stories and a look forward to tomorrow’s event calendar. 🕗 News recap The following articles were published earlier today…
A former ABC News producer whose Columbia Pike apartment was raided by the FBI last year has been sentenced. James Gordon Meek, 53, pleaded guilty in July to transportation and…
Metrorail service was suspended on the Blue and Yellow lines today after a train derailed.
4 bedroom 3 bath 2 car garage 1/4 acre Jamestown Williamsburg Yorktown pyramid
At Generation Hope, we’re dedicated to supporting teen parents in college as they work toward earning their degrees. We are in need of caring child care volunteers for upcoming events on Saturday, October 21st (in Washington, DC), and Saturday, November 4th (in Arlington, VA). Join our growing volunteer community and support us at an event this fall!
At all of our events, we provide free onsite child care for the children of the teen parents we serve, creating a nurturing environment for the kiddos while their parents learn valuable life skills and build community.
If you enjoy working with children and are looking to make an immediate impact in your community, please visit https://www.generationhope.org/volunteer to learn more.
Join us for Arlington’s biggest civil rights & social justice event of the year. The banquet is back in person at the Arlington Campus of George Mason University.
Our keynote speaker this year is Symone Sanders from MSNBC and former Chief of Staff for Vice-President Kamala Harris.
The Master of Ceremonies is Joshua Cole, former state delegate, NAACP President, and local pastor.
Tickets/seating are limited. Purchase your ticket today! Sponsorship opportunities available.
Cody Chance and Dick Nathan of Long & Foster are hosting an online workshop on the topic of “down-sizing” Wednesday, October 4 from 5:30-7:00 p.m. Every great endeavor begins with a great plan. This workshop will give you the tools