SBA still processing loan applications

The U.S. Small Business Administration is still processing loan applications and is open to the public at the Pedro P. Tenorio Multi-Purpose Center. According to public information officer William Koontz, there are 50 home and 23 business applications still being processed.

The deadline for a small business to apply for an Economic Injury Disaster Loan, which is to borrow working capital funds to keep a business running until it returns to normal, is May 5, 2016, he says.

“Although the deadline to apply for property damage loans has expired,” he said, “small businesses and most private nonprofit organizations of any size may continue to apply for an Economic Injury Disaster Loan to help meet working capital needs caused by the disaster. EIDL assistance is available regardless of whether the business or nonprofit organization suffered any property damage.”

Koontz added that “some homeowners, renters, and business owners have withdrawn their application, or put it on hold. For example, if they had not filed their federal income taxes for the last few years, or if they did not have all the documents they need to provide so that SBA has enough information to make a credit decision…”

There are many other reasons for applicants to withdraw but he said that when applicants decide to withdraw, “SBA offers applicants six months to accomplish whatever they individually need to do, then return to SBA, provide the information needed to proceed, and request reconsideration of their loan application.”

So far, SBA has received 1,313 home and business applications, 421 have been withdrawn, 404 were denied, 95 were referred back to the Federal Emergency Management Agency, 73 original applications are still being processed and 410 have so far been approved.

The latest statistics illustrate that 95 of the applicants SBA could not approve were referred back to FEMA to be considered under FEMA’s Other Needs Assistance program.

For those still in need of assistance, SBA customer service representatives are continuing to provide personalized assistance at SBA’s Disaster Loan Outreach Center in Susupe and are available to answer questions, close approved loans and help complete EIDL applications. No appointment is necessary and assistance is available from Monday to Friday, 9am to 6pm.