March 16 - deadline fast approaching for federal disaster assistance
Published on February 20, 2023
There is still time to apply! Menlo Park homeowners, renters, and businesses can apply for federal funding to help pay for essential repairs or serious disaster-related needs resulting from the January storms that were not covered by insurance. Often, flood damages aren’t covered by typical insurance, so these can be costly repairs. Applications will be accepted until March 16, 2023.
San Mateo County residents with losses from the storms that began in late December 2022 have one day left to get in-person help at the Disaster Recovery Center. The center will close at 5 p.m. on Tuesday, March 14, 2023, in Cypress Hall, at the San Mateo County Event Center at 1346 Saratoga Drive.
Individuals
Individuals can apply through Federal Emergency Management Agency and the Small Business Administration. Homeowners and renters are encouraged to apply for both, even if you are not sure you will need help from the Small Business Administration. The Small Business Administration offers low interest loans to businesses, nonprofit organizations, homeowners and renters in regions affected by declared disasters.
1. First apply for FEMA assistance:
- Visit disasterassistance.gov
- Download the FEMA mobile app
- Call the FEMA Helpline at 800-621-3362. Helpline operators speak many languages and lines are open daily. Press 2 for Spanish. Press 3 for an interpreter who speaks your language.
2. Then apply to the Small Business Administration
Businesses
The Small Business Administration offers low interest loans to businesses, in regions affected by declared disasters. The Small Business Administration also provides eligible small businesses and nonprofit organizations with working capital to help overcome the economic injury of a declared disaster. Interest rates can be as low as 3.305% for businesses, 2.375% for private nonprofit organizations and 2.313% for homeowners and renters with terms up to 30 years. Loan amounts and terms are set by Small Business Administration and are based on each applicant’s financial condition.
Property Damage: up to $2,000,000 to repair or replace real estate, machinery and equipment, inventory and other assets damaged or destroyed (available to businesses of any size and private, nonprofit organizations).
Economic Injury: only for small businesses and most private nonprofit organizations suffering adverse financial impacts of the disaster (with or without property loss), up to $2,000,000 for working capital to help pay obligations until normal operations resume.
To apply
If you missed the San Mateo Small Business Development Center’s webinar on 3 Steps to SBA Disaster Assistance Loans, view the online webinar recording and presentations.