Funding is rolling in for victims of Halloween storm
Members of Congress and the governor have announced funding and low-interest loans for infrastructure and homes or businesses damaged by storms and flooding which occurred this past Halloween.
U.S. Reps. Elise Stefanik and Anthony Brindisi have announced federal infrastructure funding to repair roads and highways, including $9 million for the state Department of Transportation from the federal DOT.
“We are encouraged that this federal assistance will be provided for our communities as they rebuild following the devastating weather events this past fall,” said Stefanik and Brindisi. “Much more work needs to be done in order to fully restore our communities and the individuals who were impacted by this disaster.”
Gov. Andrew M. Cuomo announced that the U.S. Small Business Administration has granted the state’s request for a Physical Disaster Declaration for Essex, Herkimer and Oneida counties, which sustained more than $10 million in damages in local communities, including nearly 400 homes, businesses and non-profits.
Clinton, Franklin, Fulton, Hamilton, Lewis, Madison, Montgomery, Oswego, Otsego, St. Lawrence, Warren and Washington counties are also eligible for the program. With the declaration granted, impacted individuals, families, businesses and non-profits in eligible counties can now apply for low-interest loans from the Small Business Administration to aid in their recovery.
“I’m glad our federal partners at the SBA have made these low interest loans an option for New Yorkers affected by the devastating Halloween storm,” Cuomo said. “At the same time, it’s extremely disappointing that FEMA denied our request for emergency funding for the three hundred homeowners impacted by the floods. When natural disasters strike, the federal government and FEMA in particular need to step up and help.”
Homeowners may be eligible for up to $200,000 to repair or replace damaged or destroyed real estate. Homeowners and renters may be eligible for up to $40,000 to repair or replace damaged or destroyed personal property. Business owners may be eligible for up to $2 million for the replacement of real estate, inventories, machinery, equipment and other physical losses. Businesses and non-profits may be eligible for Economic Injury Disaster Loans up to $2 million to provide necessary working capital until normal operations resume after a disaster.
Interest rates can be as low as 1.5% for homeowners and renters, 2.75% for non-profit organizations and 3.875% for businesses, with terms up to 30 years. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition.