FEMA Extends Deadline for Flood Recovery Assistance

Chicagoland suffered heavy storm damage in April of this year.  As a result, the Federal Emergency Management Agency (FEMA) extended flood recovery assistance to area homeowners.  Homeowners may receive a grant or a low interest loan for lost property from FEMA and the Small Business Administration (SBA). 

The deadline to apply with FEMA passed a couple weeks back, but FEMA has now extended the deadline to July 24, 2013  That gives affected homeowners a few more weeks to apply.  In order to apply, you will need your address, a list of everyone who lives in your home, description of the damage, your social security numbers, and your insurance information. 

The SBA’s filing deadline is actually February 10, 2014.  Affected homeowners can borrow up to $200,000 for lost real property, and up to $40,000 for lost personal property.  Homeowners and renters will pay a low interest rate, amortized over 30 years, of 1.688%.  Small business and non-profits that suffered a loss may also apply, but the interest rate shall be 2.875%.