Tuscaloosa County, Alabama businesses and residents were affected by tornado on 2/3/2022. The Small Business Administration (SBA) is offering financial disaster assistance for Tuscaloosa County, Alabama businesses that suffered physical damage or economic injury and loss to their AL business operations located in Tuscaloosa County.
SBA Loan Deadlines for the Tuscaloosa County, Alabama Declared Disaster Declaration #17365 and #17366
– Physical Damage Loan Application filing deadline is 05/06/2022.
– Economic Injury Disaster Loan (EIDL) Application filing deadline is 12/7/2022.
– Read the official SBA disaster declaration for Tuscaloosa County here.
Business Owners in Tuscaloosa County, for speed and personalized attention, Schedule Your Free Disaster Loan Consultation call. Depending on your situation, we may be able to assist you with the SBA process for your business in Tuscaloosa County Alabama.
Tornado Incident in Tuscaloosa County AL
On 2/3/2022, a Tornado bad weather incident caused damage in areas of Alabama. Disaster Number AL-00126 was declared on 3/7/2022 as an official disaster area through Disaster Declaration #17365 and #17366 due to Tornado.
Tuscaloosa County, Alabama Cities and Towns Affected by Tornado
Here is a list of all the Tuscaloosa County, Alabama cities, towns, parishes, and municipalities affected by the Tornado that occurred 2/3/2022:
Abernant, Brookwood, Buhl, Coaling, Coker, Cottondale, Duncanville, Echola, Elrod, Fosters, Northport, Peterson, Ralph, Samantha, Tuscaloosa, Vance.
In Tuscaloosa County, Alabama, eligible businesses and residents are able to apply for a low-interest disaster loan from the U.S. Small Business Administration (SBA), commonly known as an SBA Economic Injury Disaster Loan (EIDL). The SBA offers disaster loan assistance to businesses, nonprofit organizations, homeowners, and renters located in Tuscaloosa County, Alabama, that were affected by the declared disaster number AL-00126.
The SBA also provides eligible Tuscaloosa County, Alabama small businesses and nonprofit organizations with working capital to help overcome the economic injury of the declared disaster in Tuscaloosa County, Alabama.
To apply for financial assistance from the SBA for your business that was affected by Tornado in Tuscaloosa County, visit the official SBA Disaster Loan Assistance website.
Physical Damage to Your Tuscaloosa County Business Property
Tuscaloosa County, Alabama businesses and private nonprofit organizations of any size may borrow an SBA EIDL loan up to a $2 million (two million dollars) to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.
Applicants in Tuscaloosa County, Alabama may be eligible for an EIDL loan increase up to 20% (twenty percent) of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a sump pump, elevation, French drain or retaining wall to help protect property and occupants from potential future damage that could be caused by a similar disaster in Tuscaloosa County, Alabama.
Economic Injury to Your Tuscaloosa County Business Operations in Alabama
For Tuscaloosa County small businesses, companies, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDL) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical damage to property.
Interest Rates for SBA EIDL Tuscaloosa County, Alabama Disaster Loans
Interest rates for Tuscaloosa County, Alabama are as low as 2.940% (two point nine four zero percent) for businesses, 1.875% (one point eight seven five percent) for nonprofit organizations, with loan amortization terms up to 30 years or 360 months. Loan amounts and terms are set by the SBA and are based on each applicant’s financial condition of their business located in Alabama.
Tuscaloosa County SBA Loan Interest Rates for Physical Damage:
– Alabama Businesses with Credit Available Elsewhere 5.880%
– Businesses in Alabama without Credit Available Elsewhere 2.940%
– Alabama Non-Profit Organizations with Credit Available Elsewhere 1.875%
– Non-Profit Organizations in Alabama without Credit Available Elsewhere 1.875%
Tuscaloosa County SBA Loan Interest Rates for Economic Injury:
– Businesses and Companies in Alabama 2.940%
– Small Alabama Agricultural Cooperatives without Credit Available Elsewhere 2.940%
– Alabama Non-Profit Organizations without Credit Available Elsewhere 1.875%
Tuscaloosa County Business Owners, Schedule Your Free Disaster Loan Consultation Call for One-on-One Assistance for Your Company that was Affected by Tornado in Tuscaloosa County, AL.
Tuscaloosa County, Alabama Disaster Assistance from FEMA
If your Tuscaloosa County, Alabama business was impacted by Tornado, and is located in one of the communities approved for assistance from the Federal Emergency Management Agency (FEMA), you can apply for disaster assistance.
Check to see if Tuscaloosa County, Alabama is approved by FEMA by visiting DisasterAssistance.gov or by calling 1-800-621-3362 between the hours of 7am to 11pm Eastern Standard Time (EST) seven days a week.
For other possible Tuscaloosa County, Alabama disaster assistance resources, or to apply for assistance from FEMA, visit the official FEMA website.
Tuscaloosa County SBA EIDL Loan Relief vs. FEMA Assistance Facts for Alabama
For Tuscaloosa County businesses in Alabama, an SBA EIDL loan holds many benefits for recovering from the Tornado that caused damage to your physical property and economic injury to your business on 2/3/2022.
Will I be referred to the SBA after I apply with FEMA?
Yes it is possible. After you apply for disaster assistance from FEMA, you may be contacted by the SBA. If you are asked to submit an application for a low-interest SBA loan, you are encouraged to do so. Applying with the SBA assures that all available disaster assistance options remain open to you.
Will the SBA application be the basis of referrals to other grant programs?
Yes. Submitting the application makes it possible for you to be considered for additional grants. If you apply for an SBA low-interest disaster loan and are not eligible, this may open the door to additional assistance from FEMA. If SBA denies the loan application, you may be eligible for additional FEMA grant assistance to replace essential household items, replace or repair a damaged vehicle, cover storage expenses, or meet other disaster-related needs your Tuscaloosa County, Alabama home or business has suffered.
Do I have to accept an SBA loan if I am approved?
No you do not. If the SBA determines you are eligible for a loan, you do not have to accept it. However, if you do qualify for an SBA loan and you choose not to accept it, additional resources may not be available to you for disaster recovery.
Do I have to choose between a FEMA or an SBA EIDL loan?
No. Qualifying for an SBA EIDL loan does not mean you are suddenly ineligible for FEMA assistance. There are several important reasons to complete and submit an SBA application, even if you think you don’t currently need a loan for your Tuscaloosa County, Alabama home or business. For example, you may discover that you were underinsured for the amount of work required to repair or replace your home. An SBA low-interest disaster loan may bridge the gap between your recovery costs and the settlement amount.
Are SBA EIDL loans only meant for businesses?
No. Due to the Tornado being a natural disaster, the SBA also offers loans for homeowners in Tuscaloosa County, Alabama up to $200,000 to repair or replace your primary residence. The loans are customized to your personal financial circumstances. On a case-by-case basis, the SBA may be able to assist with the refinance of your current mortgages, in the case of a first mortgage, and / or a second mortgage.
The SBA can also help Tuscaloosa County, Alabama renters and homeowners replace household contents, for example: clothing, furniture, appliances, and vehicles. This is referred to as personal property. Homeowners and renters are eligible for up to $40,000 (forty thousand dollars) to repair or replace damaged or destroyed personal property caused by Tornado.
Are SBA loans available for businesses and nonprofits of any size?
Yes. Due to the Tornado declared disaster, Tuscaloosa County, Alabama businesses of all sizes and private nonprofit organizations may borrow up to $2 million (two million dollars) to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. The SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize the same type of disaster damage from occurring in the future.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size in Tuscaloosa County, Alabama, the 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.
Is there a deadline to apply for the Tornado SBA low-interest loan?
Yes. The deadline to file applications for physical damage is 05/06/2022. The deadline to return economic injury applications is 12/7/2022. These deadlines may be slightly different depending on the county and state.
Population of Tuscaloosa County in Alabama
Tuscaloosa County has a population of 227,007 residents (2021 Census figures), which is a change of 0.00% in population from the 2020 Census numbers. The State of Alabama has a current total population of 5,039,877. This is a 0.30% change in the number of residents in AL.
The Federal Information Processing System (FIPS) Code for the State of Alabama is 1000. The FIPS code for Tuscaloosa County, AL is 1125.
Tuscaloosa County Official Government Website in Alabama
The official website for the Tuscaloosa County, AL government can be found here:
https://www.tuscaloosa.com
Check the Tuscaloosa County website for other possible disaster relief options for residents and businesses located in Tuscaloosa County, Alabama.
Other Alabama Counties Affected by the Tornado Disaster
Besides Tuscaloosa County, other counties that were affected by Tornado in Alabama were:
Alabama Primary Counties
Hale.
Alabama Contiguous Counties
Bibb, Greene, Marengo, Perry, Tuscaloosa.
Alabama Cities Located in Tuscaloosa County
Abernant, Brookwood, Buhl, Coaling, Coker, Cottondale, Duncanville, Echola, Elrod, Fosters, Northport, Peterson, Ralph, Samantha, Tuscaloosa, Vance.
Summary and Conclusion of the Tornado Disaster in Tuscaloosa County, AL
To apply for financial assistance and relief due to your Tuscaloosa County, Alabama business being financially damaged by tornado on 2/3/2022, there are important SBA deadlines for when you need to submit your new application, increase request, or reconsideration request.
For the Tuscaloosa County, Alabama Declared Disaster Declaration #17365 and #17366, the loan application filing deadline for physical damage is 05/06/2022. The economic injury disaster loan (EIDL) application filing deadline is 12/7/2022.
This is something you can possibly do yourself (DIY) by visiting the official government FEMA and SBA websites.
Tuscaloosa County Professional Disaster Assistance for Your Business in Alabama
Was your Tuscaloosa County, AL business disrupted by the tornado incident that occured on 2/3/2022?
We can offer professional assistance to help your business file for a new SBA EIDL loan, an increase request or loan modification, or a reconsideration appeal if you were denied for an SBA EIDL loan for your business that was economically harmed by tornado in Tuscaloosa County under Disaster Number AL-00126 that was declared on 3/7/2022 through Disaster Declaration #17365 and #17366.
Business Owners Located in Tuscaloosa County, Alabama:
Schedule Your Free Disaster Loan Consultation Call for Help in Financially Recovering from the Tornado That May Have Damaged Your Business in Tuscaloosa County, AL.
Cover Image Credit: 123RF.com / Danross / Disaster Loan Advisors.