How to apply for reopened Sandy loans

Victims of superstorm Sandy who need more cash to rebuild their home or business can now apply anew for a low-interest disaster loan.

The U.S. Small Business Administration is reopening the application period because of a new law authored by U.S. Sen. Robert Menendez, D-N.J. The bill was signed by President Barack Obama the day before Thanksgiving, according to Menendez's office.

The Superstorm Sandy Relief and Disaster Loan Program Improvement Act authorizes the SBA to extend the deadline for Sandy victims for one year. The new deadline is Dec. 1, 2016.

Thousands of New Jerseyans were displaced by the massive storm, and many to this day are still finding the costs of rebuilding to be prohibitive. Paltry flood insurance payouts have long been identified as the major culprit.

Homeowners can receive loans of up to $200,000 to repair or rebuild their homes, and as much as $40,000 more to replace damaged or lost items. Nonprofit organizations and business owners can get up to $2 million to repair or replace assets, according to the SBA.

Although terms are dependent on each applicant's finances, interest rates can be as low as 1.688 percent for homeowners and renters, 3 percent for nonprofits and 4 percent for businesses. Loans can span up to 30 years.

The SBA is accepting applications through its secure website, https://disasterloan.sba.gov/ela. More information on the process is available by calling the SBA Customer Service Center at 800-659-2955 or emailing disastercustomerservice@sba.gov.

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