New York Will Offer Low-Interest Loans for December Blizzard Victims
According to a press release from New York State Governor Kathy Hochul, New York State will offer federal assistance to Western New York victims of the December blizzard in the form of low-interest loans.
According to the press release, residents and businesses in Erie, Cattaraugus, Chautauqua, Genesee, Niagara and Wyoming Counties will be eligible to apply for low-interests loans through the U.S. Small Business Administration. The loans can be used for home repairs, replacing personal property, replacing business equipment and as capital to help businesses and non-profits get back on their feet.
For homeowners, up to $200,000 is available to repair their primary residence. An additional $40,000 is available to homeowners and renters to repair or replace damaged or destroyed property.
For business owners, up to $2 million will be available to replace property like inventory, machinery and equipment and an additional $2 million will be available both to businesses and non-profits to cover operating costs.
Governor Kathy Hochul stated "My heart breaks for the families who lost loved ones during this once in a generation blizzard that wreaked havoc on my hometown of Buffalo, and the lasting impacts of the storm have not gone away. New Yorkers who suffered infrastructure damages as a result of the storm will now be able to access services from the U.S. Small Business Administration. These critical resources, in addition to our request for President Biden's approval for a Major Disaster Declaration, will help provide necessary assistance for our local communities still recovering."
To apply for these low-interest loans, New York residents can visit the U.S. Small Business Administration website, contact their customer service center at (800) 659-2955, or email email@example.com.