New York Storm Victims Can Now Apply for SBA Loans
Published Date: 7/6/2026
Notice
Summary
New York got hit hard by storms and flooding starting May 20, 2026, especially Queens and nearby counties. The government declared it a disaster, so homeowners, businesses, and nonprofits can now apply for low-interest loans to fix damage or cover lost income. Act fast—physical damage loans close August 31, 2026, and economic injury loans are available until March 30, 2027.
Analyzed Economic Effects
5 provisions identified: 5 benefits, 0 costs, 0 mixed.
Low-Rate Home Repair Loans
If your home in the declared New York disaster area was damaged by the May 20, 2026 storms and flooding, you can apply for an SBA physical damage loan. Physical damage loan applications are due by August 31, 2026, and the interest rates listed are 5.750% for homeowners with credit available elsewhere and 2.875% for homeowners without credit available elsewhere.
Physical-Damage Loans for Businesses
Businesses in the declared New York disaster area can apply for SBA physical damage loans to repair property or equipment from the May 20, 2026 incident. Physical loan applications must be filed by August 31, 2026, and the interest rates are 8.000% for businesses with credit available elsewhere and 4.000% for businesses without credit available elsewhere; private nonprofit organizations are listed at 3.625%.
Economic Injury (EIDL) Loans Available
Businesses and small agricultural cooperatives in the disaster area can apply for Economic Injury Disaster Loans (EIDL) to cover working capital losses from the May 20, 2026 storms; EIDL applications are available until March 30, 2027. The interest rates listed are 4.000% for businesses and small agricultural cooperatives without credit available elsewhere, and 3.625% for private nonprofit organizations without credit available elsewhere.
Declared Eligible New York Counties
The SBA declared Queens as the primary county affected by the May 20, 2026 storms and flooding, with contiguous counties Bronx, Kings, Nassau, New York, and Richmond also determined adversely affected. Being in one of these counties is the basis for eligibility to apply for the SBA disaster loans described in this notice.
How to Apply and Contact SBA
You can apply for disaster assistance online at the MySBA Loan Portal (https://lending.sba.gov) or in person at locally announced locations; physical loan applications are due by August 31, 2026 and EIDL applications by March 30, 2027. For help contact the SBA disaster assistance customer service center at 1-800-659-2955, by email at disastercustomerservice@sba.gov, or use 7-1-1 for telecommunications relay services if you are deaf, hard of hearing, or have a speech disability.
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Department and Agencies
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