Bronx Fire Gets Federal Disaster Loan Lifeline from SBA
Published Date: 3/19/2025
Notice
Summary
A big fire hit an apartment building in the Bronx, New York, causing serious damage. The government declared it a disaster, so affected homeowners, businesses, and nonprofits can now apply for low-interest loans to help fix things or cover lost income. You’ve got until May 12, 2025, to apply for physical damage loans and until December 15, 2025, for economic injury loans—so don’t wait!
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
SBA disaster loans available to Bronx-area victims
Because of a five-alarm apartment fire on January 10, 2025, homeowners, businesses, and nonprofits in Bronx County (primary) and the contiguous counties of Nassau, New York (Manhattan), Queens, Westchester (NY), and Bergen (NJ) can apply for SBA disaster loans. You must apply for physical damage loans by May 12, 2025, and for Economic Injury Disaster Loans (EIDL) by December 15, 2025. The EIDL declaration applies to both New York and New Jersey.
Published interest rates for disaster loans
The SBA set specific interest rates for disaster loans: Physical damage loans — Homeowners with credit available elsewhere: 5.125%; Homeowners without credit available elsewhere: 2.563%; Businesses with credit available elsewhere: 8.000%; Businesses without credit available elsewhere: 4.000%; Non-profit organizations (both with and without credit available elsewhere): 3.625%. For Economic Injury loans: Businesses and small agricultural cooperatives without credit available elsewhere: 4.000%; Non-profit organizations without credit available elsewhere: 3.625%.
How and where to apply for SBA disaster loans
You can apply for disaster assistance online at the MySBA Loan Portal (https://lending.sba.gov). For help, contact the SBA disaster assistance customer service center by email at [email protected] or by phone at 1-800-659-2955.
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