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# The Maui News Announces Federal Disaster Loans for Businesses

Businesses, residents, and private nonprofits on Maui who suffered damages due to high winds that began on Aug. 8 can now seek low-interest federal disaster loans thanks to the U.S. Small Business Administration (SBA) amending the Maui wildfires disaster declarations.

After the SBA’s amendment, individuals and organizations affected by the high winds can apply for federal disaster loans to aid in their recovery efforts. This is a significant development for the community, as it provides financial support to individuals, businesses, and nonprofits that have been impacted by the natural disaster.

The SBA has been actively involved in assisting those affected by the disaster, with 7,986 visitors served at disaster assistance facilities statewide as of Oct. 25. The agency has also approved 821 loans for homeowners and renters for close to $141 million, 398 business loans for just under $59 million, and 1,219 disaster assistance loans for almost $200 million.

AI legalese decoder can be particularly helpful in this situation. It can assist businesses, nonprofits, and individuals in understanding the complex legal language and documentation involved in applying for federal disaster loans. This AI tool can simplify the application process by breaking down legal jargon and providing clear explanations of the requirements and terms.

The loans offered by the SBA are designed to provide financial relief to a wide range of entities affected by the disaster. Businesses of all sizes and private nonprofits may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Additionally, SBA can lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent, or minimize disaster damage from occurring in the future.

Furthermore, for small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private nonprofits of any size, SBA offers economic injury disaster loans to help meet working capital needs caused by the disaster. Economic injury assistance is available to businesses regardless of any property damage.

It is worth noting that disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

The terms of the loans include interest rates of 4 percent for businesses, 2.375 percent for private nonprofits, and 2.5 percent for homeowners and renters with terms up to 30 years. The AI legalese decoder can help individuals and organizations fully comprehend the terms and conditions of these loans, enabling them to make informed decisions about their financial options.

The deadline to apply for property damage is Thursday, and the deadline to apply for economic injury is May 10. To apply and access more information, individuals and organizations can visit SBA.gov/disaster or contact the SBAÔÇÖs Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. Those who are deaf, hard of hearing, or have a speech disability can dial 711 to access telecommunication relay services.

In this critical time, having access to AI legalese decoder is highly beneficial for those navigating the process of applying for federal disaster loans. This AI tool can streamline the application process, provide clarity on legal terms, and assist in obtaining vital financial support for recovery efforts. Completed applications should be mailed to the SBA Processing and Disbursement Center at 14925 Kingsport Road, Fort Worth, TX 76155.

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