Low-interest federal loans to be offered to Long Islanders for winter storm damage
Travis Darienzo, owner of Dockside at Ocean Beach on Fire Island, in front of his shop in water left from a January storm. Credit: James Carbone
Long Island residents and business owners can apply for low-interest federal loans to cover physical damage and economic loss from severe weather in January.
The U.S. Small Business Administration determined Monday the region is eligible for disaster aid for the Jan. 9-10 storm that caused erosion, flooding and overwashes in some coastal areas.
Homeowners are eligible for loans of up to $500,000 for repairs. Business owners are eligible for up to $2 million to replace real property, inventory and equipment. Homeowners and renters are eligible for loans of up to $100,000 to repair or replace damaged personal property.
The storm flooded many residential and commercial communities, eroded beaches, made major roadways temporarily impassible and left thousands without power, Newsday reported.
Nassau and Suffolk officials did not provide an accounting of how many people could be eligible for the loans.
Those who are interested can visit the SBA website to apply. Disaster Loan Outreach Centers at Babylon Town Hall and Mastic Recreation Center opened Friday for in-person applications.
The deadline for a physical damage loan application is May 10 and the deadline for economic damage applications is Dec. 11.
Interest rates range from 2.688% for a homeowner who does not have access to credit elsewhere to 8% for a business that does have access to other credit. Borrowers must show an acceptable credit history and demonstrate the ability to repay the loans.
Further assistance could be available if a Major Disaster Declaration is made. Long Island federal and local officials called on Gov. Kathy Hochul to request one from President Joe Biden ahead of the storm. The governor in January said the state was assessing the storm impact and that it must document at least $37 million in damages before it could apply.
Hochul representatives did not respond to a request for comment Tuesday.
Vera Chinese covers Suffolk County government and politics. She joined Newsday in 2017 after working as an editor for the East End lifestyle publication northforker and a general assignment reporter for the New York Daily News.
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