In August, the U.S. Small Business Administration announced increased support for disaster survivors and small businesses following federally designated disasters.
Key changes include:
- Increased loan limits for primary residences
- Increased loan limits for personal property
- Removal of administrative limit on landscaping
- Increased initial payment deferral period
- No interest accrual in first 12 months
- Mitigation disaster loans
- Collateral requirements
- Reduction in documents required to request reconsideration
- Eligibility expanded to consumer or marketing cooperatives
View the press release below for more information.