Wildfire-impacted homeowners, businesses have days left to apply for federal low-interest loans

HONOLULU (HawaiiNewsNow) - There are only a few days left for homeowners and businesses impacted by the Maui wildfires to apply for assistance from the Small Business Administration.

Monday is the deadline to apply for the SBA loans if your home or business suffered physical damage in the disaster.

Homeowners are eligible for loans of up to $500,000 for physical damage to their homes and $100,000 for personal property, including a primary car.

Renters are eligible for $100,000 for personal property and a primary car.

Businesses can apply for up to $2 million in assistance for real estate, machinery, equipment and inventory. Private nonprofit organizations, including places of worship, are also eligible to receive up to $2 million for physical damage.

All are at low interest rates and payments can be deferred up to a year, especially with so many facing a lengthy rebuild.

“It might be up to three years, so that’s why we are working with them to accommodate if you are not ready to receive those funds,” said Barbara Nitis, who works with the SBA’s Office of Disaster Recovery and Resilience.

“You don’t have to worry about the repayment until that date of that first disbursement.”

Over the last four months, the SBA has distributed $260 million to victims, which has already surpassed aid given following Typhoon Mawar in Guam.

Those interested in applying must first register with the Federal Emergency Management Agency and they will then be directed to the SBA.

For more information, click here.

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