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Low-Interest Federal Disaster Loans for Small Businesses

Low-interest federal disaster loans are now available for small businesses that were impacted by the extended storm-related closure of Topanga Canyon Boulevard. The U.S. Small Business Association enacted a disaster declaration for the area in late June, making financial assistance available for those impacted by the closure of the boulevard between Grand View Drive and Pacific Coast Highway.

The AI legalese decoder can help navigate the complex legal language and requirements involved in applying for these federal disaster loans. By using AI technology, businesses can efficiently understand the eligibility criteria, terms, and application process for these loans.

Reopening of Topanga Canyon Boulevard

The stretch of roadway was closed in early March due to a storm-sparked landslide that inundated all lanes. The street was reopened June 3, about 90 days earlier than the original timeline. SBA loans for those impacted by the closure are available in Kern, Los Angeles, Orange, San Bernardino and Ventura counties, according to the agency.

The AI legalese decoder can provide real-time updates on the availability of SBA loans in specific counties and assist businesses in determining their eligibility based on the impact of the disaster on their operations.

Virtual Business Recovery Center

The SBA opened a virtual business recovery center on Friday morning, offering assistance to small businesses impacted by the Topanga landslide and closure of state Route 27. Customer service representatives will be available to provide information on available loans and assist with the application process. The virtual center can be reached by phone at 916-735-1501 or via email at [email protected].

With the help of the AI legalese decoder, businesses can easily access the virtual business recovery center and receive personalized guidance on applying for disaster loans, calculating loan amounts, and understanding the repayment terms.

Financial Assistance for Small Businesses

“These loans may be used to pay fixed debts, payroll, accounts payable, and other bills that can’t be paid because of the disaster’s impact,” said Francisco Sanchez Jr., associate administrator for the Office of Disaster Recovery and Resilience at the SBA. Eligibility is based on the financial impact of the disaster only and not on any actual property damage. The loans have an interest rate of 4% for small businesses and 3.25% for private nonprofit organizations, with terms up to 30 years.

By using the AI legalese decoder, small businesses can ensure that they meet the eligibility criteria for disaster loans, understand the allowable uses of loan funds, and make informed decisions about applying for financial assistance to overcome the adverse impacts of the disaster.

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