Businesses & Residents of New Jersey Should Not Wait for Insurance to Apply for SBA Disaster Loan
The U.S. Small Business Administration is encouraging New Jersey businesses and residents affected by the remnants of Hurricane Ida on Sept. 1-3, 2021, to submit their loan applications for physical damages even if they have not settled with their insurance company.
SBA disaster loans can cover the difference between an insurance settlement and what is needed to fully recover. If a survivor has not settled their insurance claim, SBA will consider making a loan for the total loss up to its loan limits. The insurance settlement will be used to reduce or repay the loan.