Pulaskians affected by the May 16 tornado have been given an extension to apply for assistance, and that includes applying for loans through the Small Business Administration.
James Accurso, public affairs specialist for SBA, spoke at Monday’s Somerset City Council meeting to get the word out that his organization is still accepting loan applications for homes and businesses that were damaged by the EF-4 tornado.
SBA offers long-term, low interest loans to assist with disaster recovery, such as Physical Disaster Loans, which aim to fill in the gaps left by insurance or FEMA funding.
Last week, President Donald Trump approved the extension of a deadline for those affected by recent natural disasters in Kentucky, including Pulaski and neighboring Laurel and Russell counties.
The deadline to apply for assistance is August 22.
That means that SBA representatives will be on hand, as well as FEMA and other organizations, until then, Accurso said.
Pulaskians can apply for assistance either at the Center for Rural Development from Monday to Saturday, 9 a.m. to 7 p.m., or at the Emergency Operations Center on Jessie Lane from Monday to Friday, 9 a.m. to 6 p.m.
The SBA offers loans for home owners and renters with rates between 2.823% and 3%.
Renters’ loans are available for up to 100,000, while homeowners can take out loans of up to $500,000 for building repairs and for up to $100,000 for building contents.
“For two years from the time a loan is dispersed, folks can get additional funds, up to 20% of their declared damage early on, to put in place any measures that would keep any future damage from happening,” Accurso said. That can range from tree removal to reinforcing garage doors to installing a storm shelter, he said.
Accurso said that applicants do not need to bring any documentation other than personal identification to begin the application process. There is time during the process to gather any further required documents.
He also said that people are under no obligation to accept the loan if it is offered. They are also allowed to accept a loan for a lower amount than what they are approved for.
“Folks, when they are offered the loan, they have 21 days to take it. There is no fee to apply for the loan. There is no obligation to take it. So in that 21-day period, if there’s any changes in their financial situation, (if) they don’t want to take the loan, they can walk away from it free and clear,” he said.
People also don’t have to wait to know what their insurance payout will be to start the loan process, he said. If the two processes happen concurrently, the SBA will work it out, he said.
“Any funding from insurance, you will just have to promise over to us. We’re going to award you the loan and then we’ll get things moving,” he said.
He encouraged people to come to either of the in-person application sites to talk with a representative, but said that people can apply online as well, either by sending an email to disastercustomerservice@sba.gov or visiting their website at lending.sba.gov.
They can also call 800-659-2955.
Also at Monday’s City Council meeting, council held a first reading on a potential zone designation, and approved a second zone change request.
The approved request was for a subdivided parcel of land on North Ky. 39, which was changed from a Business-2 to a Residential-1 (single-family residence) zone.
The first reading was for a piece of undeveloped property on Rock Quarry Road that currently does not have a zone designation. The owner has requested the property be assigned as Residential-3 (multi-family residence).
A second reading and vote will be held at a later date.
