The Small Business Administration (SBA) recently announced that two Business Recovery Centers (BRCs) opened on Monday, August 15 in Elkhorn and Virgie in Pike County, Kentucky.
SBA Opens Business Recovery Centers in Flood Ravaged Kentucky
The intention of these new BRCs is to provide personal assistance in filling out and submitting a disaster loan application for Kentucky businesses impacted by the recent storms, flooding, landslides and mudslides. Heavy rain, deadly flash flooding and devastating river flooding hit eastern Kentucky and central Appalachia on July 26, with rainfall rates at times exceeding 4 inches per hour.
Disaster Declaration Areas in Kentucky
The SBA’s disaster declaration covers Breathitt, Clay, Floyd, Knott, Leslie, Letcher, Magoffin, Martin, Owsley, Perry, Pike and Whitley counties in Kentucky. Small businesses and most private non-profit organizations from these areas are now eligible to apply for both Physical and Economic Injury Disaster Loans from the SBA.
In addition, there are numerous adjacent counties that are eligible to apply for Economic Injury Disaster Loans (EIDLs) only. These include Bell, Harlan, Jackson, Johnson, Knox, Laurel, Lawrence, Lee, McCreary, Morgan and Wolfe in Kentucky. Also eligible are businesses in Tennessee counties Campbell and Claiborne, Virginia counties Buchanan, Dickenson and Wise, plus West Virginia counties Mingo and Wayne.
Disaster Loan Amounts and BRC Covid Protocol
The SBA explained the process and potential loan amounts on their website, saying: “Businesses and private non-profit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may be eligible for a loan amount increase up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, elevation, retaining walls, and landscaping to help protect property and occupants from future damage caused by a similar disaster.
“For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
“Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.”
The SBA also explained that due to the ongoing Covid-19 pandemic, they have established protocols to help protect the health and safety of the public, with visitors to the BRCs encouraged to wear face masks. The SBA added: “Customer Service Representatives will be available as indicated above at the BRCs to answer questions about the disaster loan program and assist business owners in completing their applications. Due to the ongoing COVID-19 pandemic, the SBA has established protocols to help protect the health and safety of the public. All visitors to the BRCs are encouraged to wear a face mask.”
Pike Country BRC
The Elkhorn BRC will be in the Elkhorn Public Library at 150 East Main Street. The Virgie BRC will be in the Vesta Roberts Johnson Memorial Library at 180 Highway 610 West. Both will be open between 9am and 7pm.
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This article, "SBA Opens Business Recovery Centers in Flood Ravaged Kentucky" was first published on Small Business Trends
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