Federal Officials Reopen Disaster Loan Filing Period for Sandy Victims

December 7, 2015

Federal officials have reopened the filing period for Superstorm Sandy victims to apply for low-interest disaster loans.

The Small Business Administration says the move was authorized by legislation that President Obama signed late last month.

Thousands of New Jerseyans were displaced by the massive storm that hit in October 2012. It caused catastrophic damage along the coast and in other areas of the state.

Homeowners can get loans of up to $200,000 to repair or rebuild their homes and up to $40,000 to replace damaged or lost items. Nonprofit groups and businesses can get up to $2 million to repair or replace assets.

Outreach centers will open Monday in Atlantic, Bergen, Monmouth and Ocean counties in New Jersey for people seeking help with their applications.

The filing deadline will be Dec. 1, 2016.

SBA says interest rates are as low as 1.688 percent for homeowners and renters, 3 percent for non-profit organizations and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.

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