The U.S. Small Business Administration (SBA) announced today that is has approved over one billion U.S. dollars in low-interest disaster loans for over 28,000 Puerto Rico residents and businesses to help them recover from Hurricanes Irma and Maria. The deadline for filing for physical property damage is March 20, 2018. The deadline for economic injury loan applications is June 11, 2018 for Hurricane Irma, and June 20, 2018 for Hurricane Maria.
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A press release by the Federal Deposit Insurance Corporation reveals that federal bank regulatory agencies will give “favorable consideration” to disaster areas affected by Hurricane Maria, predominantly located outside of the U.S. Virgin Islands and Puerto Rico. This will be carried out under Community Reinvestment Act (CRA) regulations, which encourage financial institutions to assist community development and local credit needs.