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As the rains of Hurricane Harvey cease and the floods begin to lessen, the city of Houston and millions of residents are beginning to evaluate the extent of the damage. It is estimated that up to one million cars and trucks and 30,000 to 40,000 Houston homes have been destroyed by the hurricane.
This damage is estimated to cost $35 billion, according to Consumer Federation of America Director of Insurance Robert Hunter who also reports that 80 percent of the region’s homeowners are not covered by flood insurance.
The Small Business Administration (SBA) is working with FEMA, the Department of Homeland Security, the Department of Housing and Urban Development, the Departments of Energy and Labor, and local and State agencies to help those affected by Hurricane Harvey.
Residents can contact FEMA for grants aiding with recovery assistance. You can register for FEMA assistance at www.disasterassistance.gov or call 1-800-621-FEMA (3362).
You may be eligible for low-interest loans for your business and home through SBA disaster assistance. The SBA has also announced that it is providing an “automatic 12-month deferment of principal and interest payments for SBA-serviced business and disaster loans” in regular servicing status on August 25, 2017, in primary counties identified as Federal disaster areas.
The SBA also offers “low-interest, long-term disaster loans to small businesses of all sizes, private non-profit organizations, homeowners, and renters to repair or replace uninsured/underinsured disaster damaged property.” You can apply online, in-person at a disaster center, or by mail.
To learn more about SBA disaster loans, please visit disasterloan.sba.gov.