Governor Kathy Hochul announced on March 14 that the U.S. Small Business Administration will offer federal assistance to Long Island residents and businesses who were impacted by severe storms containing heavy rain and high winds from January 9-10. Low-interest loans will be offered to aid in their recovery from the devastating event.
The U.S. Small Business Administration provides low-interest disaster loans to help businesses and homeowners recover from declared disasters. Applicants, including businesses, homeowners, renters, and private, nonprofit organizations, must be in a declared disaster area and meet other eligibility criteria depending on the type of loan.
“New Yorkers and their businesses should not have to carry the burden of storm recovery alone, and these loans will go a long way in helping those impacted build back better and stronger,” Hochul said. “Long Islanders impacted by January’s winds should be sure to apply and take advantage of the additional financial support. Thank you to the SBA for ensuring New Yorkers have the resources to recover from severe weather events.”
New York State Division of Homeland Security and Emergency Services Commissioner Jackie Bray said, “In early January, parts of Long Island saw heavy rain and high winds that caused damages to homes and businesses. Thanks to Governor Hochul and the partnership with SBA, we will now be able to offer small businesses and homeowners relief.”
“Making these disaster loans accessible is the first step for those in the community who were hit the hardest to rebuild and regain their livelihoods,” added U.S. Senator Kirsten Gillibrand.
Between January 9-10, 2024 a statewide multi-hazard weather event crossed much of New York State, resulting in significant damage to businesses and homes. The event dropped up to 3.5 inches of rainfall on Long Island and coincided with high tide causing severe flooding. On January 8, Hochul announced she activated the State Emergency Operations Center in Albany to monitor the storm and coordinate State response activities. During the storm, both Suffolk and Nassau counties issued States of Emergency for their respective locations due to severe weather conditions and impacts. Following the event, personnel from the New York State Division of Homeland Security and Emergency Services (DHSES), the Small Business Administration and Suffolk County conducted a thorough assessment of damages.
The following disaster loans are available:
- Business Physical Disaster Loans – Loans to businesses to repair or replace disaster-damaged property owned by the business, including real estate, inventories, supplies, machinery, and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as a direct result of the disaster.
- Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles.
The SBA is establishing Disaster Loan Outreach Centers to help New Yorkers apply in-person for assistance, opening on Friday, March 15 at 11:00 a.m. There will be two locations: Babylon Town Hall, located at 200 Sunrise Highway in Lindenhurst, and the Mastic Recreation Center, located at 15 Herkimer Street in Mastic. Town Hall will be open Monday through Friday from 8:30 a.m. to 4:30 p.m. The Recreation Center will be in operation Monday through Friday from 9 a.m. to 6 p.m., and Saturday from 10 a.m. to 2 p.m. Both centers are scheduled to close on Friday, March 29 at 4:00 p.m.
Applications for disaster loans may be submitted online using the MySBA Loan Portal at https://lending.sba.gov. Applicants may also call SBA’s Customer Service Center at 1-800-659-2955 or email disastercustomerservice@sba.gov. Individuals who are deaf, hard of hearing, or have a speech disability, can dial 7-1-1 to access telecommunications relay services.
Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155. The filing deadline to return applications for physical property damage is May 10, 2024. The deadline to return economic injury applications is December 11, 2024.