The Small Business Administration has approved more than $1 billion in disaster loans for New York homeowners and businesses affected by superstorm Sandy, the federal agency said Tuesday. That amounts up to roughly 15,000 loans.
Businesses and homeowners in declared disaster areas are able to apply for SBA disaster loans, which are offered low interest rates. Businesses may apply for up to $2 million in loans at a starting interest rate of 3 percent per year, and homeowners are able to apply for up to $200,000 in loans at starting rates of 1.688 percent.
The deadline to apply for the disaster loans due to physical damage from the storm is next Wednesday. The deadlines have been pushed back twice.
Businesses that want to apply for loans to make up for economic loss as a result of the storm will have until July 31 to apply.