July 13, 2021 - Federal disaster assistance remains available to help Panola County residents and businesses to recover from damages resulting from the severe storms and tornadoes that occurred March 27, 2021. The disaster declaration makes SBA assistance also available in the surrounding Texas counties of Harrison, Rusk and Shelby, as well as the Louisiana parishes of Caddo and De Soto. SBA continues to receive and approve applications from businesses of all sizes, private non-profit organizations, homeowners and renters.
It is important for those affected by the storms submit their applications soon! The deadline to return applications for property damage is July 26, 2021. The deadline for businesses who suffered economic damage to return economic injury applications is Feb. 28, 2022.
SBA can lend up to $200,000 to homeowners to make repairs to their primary residences and up to $40,000 to help homeowners and renters replace their personal property in the included counties and parishes. Interest rates are as low as 1.25 percent.
SBA offers up to $2 million to businesses and private non-profits for both physical and economic injury to businesses to help them recover. A business may not have had physical damage, but suffered economic losses in the days after the storms. For this reason, we offer Economic Injury Disaster Loans (EIDLs) in the affected counties and parishes. Interest rates are as low as 3 percent for businesses and 2 percent for private non-profit organizations. The deadline for businesses who suffered economic damage to return economic injury applications is Jan. 31, 2022.
Residents and businesses should first file their insurance claims; however, they should not wait for their insurance to settle before applying for SBA assistance.
In consideration of the public health concerns due to the Coronavirus pandemic, SBA established a Virtual Disaster Loan Outreach Center (DLOC) to help businesses, homeowners and renters. Customer Service Representatives will be available to business owners and individuals to answer questions about SBA’s disaster loan program, explain the application process and help each person complete their electronic loan applications.
Virtual Disaster Loan Outreach Center
Monday – Friday
8 a.m. – 8 p.m. EDT