FEMA & SBA both offer help to businesses, non-profits, home owners and renters affected by tornadoes, storms
FEMA and the U.S. Small Business Administration have approved more than $3.7 million in federal assistance to survivors of Tennessee’s severe storms, straight-line winds and tornadoes on March 31 and April 1. This includes:
$2,208,895 in FEMA assistance approved for individuals and households, including:
$1,671,690 approved for housing assistance
$537,204 approved for Other Needs Assistance
$1,536,800 in SBA disaster loans was approved for homeowners, renters and businesses
Ten counties are designated for FEMA Individual Assistance: Cannon, Hardeman, Hardin, Haywood, Lewis, Macon, McNairy, Rutherford, Tipton and Wayne.
Disaster Recovery Centers are open in the designated counties. Southwest Tennessee's Disaster and SBA Recovery Centers are in The Latta in Selmer (McNairy County). Staff there can assist business owners, nonprofit organizations, homeowners, and renters. The center's hours are Mon-Fri 8 a.m. to 6 p.m. and Sat. 9 a.m. to 3 p.m.
The deadline to apply for FEMA assistance and a low-interest disaster loan from the SBA is Tuesday, June 6, 2023. The last day for small businesses, small agricultural cooperatives and most private nonprofit organizations to apply for an SBA economic injury loan is Monday, Jan. 8, 2024.
How to Apply for FEMA Disaster Assistance
Go to DisasterAssistance.gov, download the FEMA mobile app, or call the FEMA Helpline at 800-621-3362. If you use a relay service such as video relay service (VRS), captioned telephone service or others, give FEMA your number for that service when you apply. Helpline operators are available from 6 a.m. to midnight Central Daylight Time. Press 2 for Spanish. Press 3 for an interpreter who speaks your language.
FEMA help includes Basic Needs, Critical Needs, Clean+Sanitize, Debris Removal
FEMA’s Individuals and Households Program is only one source of disaster funding. And the program has its limits. It can lend a helping hand to recover but it cannot compensate for everything that was lost. To learn more, click here. In addition to basic needs, FEMA also has many other ways to help. Tennessee residents who were affected by the recent storms and tornadoes can find answers here.
Small Business Administration
The U.S. Small Business Administration is offering low-interest disaster loans. Homeowners, renters, nonprofit organizations, and businesses approved for these loans have up to one year from the date of their first disbursement to begin making payments. To download a PDF with details, CLICK HERE.
The interest is zero percent during this deferment period and interest will begin accruing when the payment becomes due. Interest rates are low, from 2.3% to 4%. These loans are available for individuals and businesses in the above designated counties and the contiguous counties beside Hardeman, Hardin, Haywood, and McNairy counties.
No prepayment penalty. Bborrowers can make loan payments during the deferment period, if they choose. Some FEMA applicants may be referred to the SBA to apply for a disaster loan. Long-term, low-interest disaster loans for homeowners, renters, nonprofits and businesses may be available to cover losses not fully compensated by insurance or other sources.
The SBA disaster loan deadline to apply for property damage is June 6, 2023. The deadline to apply for an economic injury disaster loan is Jan. 8, 2024.
Homeowners and renters should submit an SBA disaster home loan application even if they are not sure they will need or want a loan. There is no obligation to take all or part of an approved loan. If SBA cannot approve the application, SBA will refer you to FEMA’s Other Needs Assistance program for possible additional assistance. However, failure to return the application may disqualify you from other possible FEMA assistance and other grants or services.
The Southwest Tennessee area's SBA Business Recovery Center is located at The Latta in Selmer and will provide assistance to business owners, nonprofit organizations, homeowners, and renters. Thehours are Mon-Fri 8 a.m. to 6 p.m. and Sat. 9 a.m. to 3 p.m. SBA representatives at The Latta can help with applications, answer questions, and accept already completed paper applications.
Internal Revenue Service
The IRS has extended the deadline to file federal income taxes for individuals, households and businesses affected by the March 31 to April 1 Tennessee storms and tornadoes in Hardeman, Hardin, Haywood, and McNairy counties. That means you have until Monday, July 31, 2023, to file returns. Click Here for more info.
For More Information on Tennessee's Recovery
For the latest information on Tennessee’s recovery from the severe storms, straight-line winds and tornadoes, visit FEMA.gov/Disaster/4701. You may also follow TN.gov/TEMA; Twitter.com/TEMA, Facebook.com/TNDisasterInfo, @FEMARegion4/Twitter and Facebook.com/FEMA.
To read the entire Tennessee: Daily Fact Sheet – May 2, 2023, CLICK HERE.
To read or download a PDF containing more info about SBA help, CLICK HERE.
