Klarides-Ditria shares info about disaster assistance in response to flooding

Friends and neighbors,

A major disaster declaration has been approved in response to the August 18 extreme flooding in our area. 

Residents and business owners who sustained losses in the designated areas can begin applying for assistance by clicking the button below, by calling 800-621-FEMA (3362), or by using the FEMA app. 

Disaster Assistance Federal assistance could include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners. The state, FEMA and SBA are currently identifying locations in the impacted counties to open disaster recovery & business recovery centers that will provide in-person support to help affected individuals apply for assistance. SBA Opens Business Recovery Centers The U.S. Small Business Administration (SBA) has opened Business Recovery Centers (BRC) in Oxford, at the Oxford Town Hall, and in Monroe, at the Monroe Police Department, to assist businesses with losses due to severe storm, flooding, landslides and mudslides. The disaster declaration covers Fairfield, Litchfield and New Haven counties which are eligible for both Physical and Economic Injury Disaster Loans from the SBA.  SBA’s Customer Service Representatives can assist business owners complete their disaster loan application, accept documents, and provide updates on an application’s status. Walk-ins are accepted, but you can schedule an in-person appointment at an SBA Business Recovery Center in advance.   Application Filing Deadlines: Physical Damage: November 19, 2024 Economic Injury: June 20, 2025 What Types of 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. These loans are intended to assist through the disaster recovery period. Home Disaster Loans – Loans to homeowners or renters to repair or replace disaster-damaged real estate and personal property, including automobiles. What are the Credit Requirements? • Credit History – Applicants must have a credit history acceptable to SBA. • Repayment – Applicants must show the ability to repay all loans.

Sincerely,

Klarides-Ditria: SBA prioritizes small businesses in PPP funding

The U.S. Small Business Administration announced the latest round of Paycheck Protection Program funding opened last month has already succeeded in making major improvements to the program’s implementation:

For businesses with fewer than 10 employees, the share of funding is up nearly 60 percent.

For businesses in rural communities, the share of funding is up nearly 30 percent.

The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40 percent.

“The SBA is a frontline agency working to create an inclusive economy, focused on reaching women-owned, minority-owned, low- and moderate-income, rural, and other underserved communities in meaningful ways. While reported data illustrates we have made real strides in ensuring these funds are reaching underserved communities, we believe we can still do better,” says SBA Senior Advisor Michael Roth.

“The important policy changes we are announcing further ensure inclusivity and integrity by increasing access and much-needed aid to Main Street businesses that anchor our neighborhoods and help families build wealth.”

The SBA will:
Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees.
Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants.
Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number to apply for the PPP.

The 14-day exclusivity period will start on Wednesday, Feb. 24, 2021 at 9 a.m., while the other four changes will be implemented by the first week of March. 

The SBA is working on the program changes and will communicate details throughout this week.

These actions will help to lay the foundation for a robust and equitable recovery for small businesses across the country.

Small businesses employ nearly half of the American workforce; they create 2 out of 3 net new private-sector jobs; they reinvest 68% of revenues to build and sustain communities. Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool.

Through SBA’s nationwide district offices, the Agency will work in close partnership with the Administration to further leverage its resource partner network and expand on multilingual access and outreach about the PPP. 

Updated PPP information, including forms, guidance, and resources is available at www.sba.gov/ppp and www.treasury.gov/cares.

Sincerely,