The U.S. Small Business Administration’s (SBA) Disaster Recovery and Resilience Administration announced Monday that more than $50.2 million has been approved in federal disaster loans for California businesses and residents affected by severe winter storms, flooding, landslides and mudslides that have occurred since December. 27, 2022, through January 31, 2023.

The SBA has approved $6,964,000 for businesses and $43,239,200 for residents to help rebuild and rebuild, according to Tanya N. Garfield, director of the SBA’s Western Disaster Relief Center.

SBA disaster loan borrowers have up to one year from the date of the note to start making payments. In addition, interest does not start accruing until 12 months after the date of the original loan and is only calculated on the amount paid.

SBA continues to provide one-on-one assistance to disaster loan applicants at all federal Disaster Recovery Centers, SBA Business Recovery Centers, and SBA Emergency Loan Centers in all affected areas to explain the SBA Disaster Loan Program and assist business owners and residents apply for assistance and close approved disaster loans.

Companies of all sizes and private nonprofits can borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory and other business assets. SBA can also lend additional funds to help businesses and residents with the cost of improvements that protect, prevent, or minimize subsequent damage from natural disasters.

For small businesses and most private nonprofit organizations of all sizes, the SBA offers economic disaster loans to help meet the working capital needs caused by a disaster. Economic Injury Relief is available regardless of whether the business has suffered property damage.

Disaster loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed properties. Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

The deadline for submitting an application for compensation for material damage is March 16, for compensation for economic damage, until October 16.

Applicants can apply online, get more information about disaster assistance and download applications at disasterloanaassistance.sba.gov/. Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance.

To access telecommunications relay services, dial 7-1-1 for the deaf, hard of hearing, or speech impaired.

Completed applications should be sent to the US Small Business Administration Center for Processing and Payments, 14925 Kingsport Road, Fort Worth, TX 76155.