Governor Kathy Hochul announced on Wednesday, November 27th, that the U.S. Small Business Administration (SBA) will offer low-interest disaster loans to homeowners, renters, and businesses in Suffolk and Nassau Counties impacted by severe flooding on August 18-19, 2024. The financial assistance aims to aid recovery from the significant property damage caused by the storm, helping residents rebuild and restore their lives.
“Long Islanders are still feeling the effects of August’s extreme weather, and alongside our federal partners, we’re ensuring that communities have the resources they need to recover,” Governor Hochul said. She emphasized New Yorkers’ resilience and her administration’s dedication to supporting affected individuals and businesses. The loans will provide up to $500,000 for homeowners, $100,000 for renters to replace personal property, and $2 million for businesses and non-profits to repair damages.
Senate Majority Leader Chuck Schumer lauded the initiative, stating, “In August, homeowners and businesses across Long Island suffered immense flood damage from severe weather. To recover from the flash flooding, homeowners and business owners can now access U.S. Small Business Administration low-interest loans to make critical repairs and replace destroyed property.” Schumer underscored his commitment to supporting federal relief efforts.
Senator Kirsten Gillibrand also praised the assistance, calling the loans “a lifeline for Long Islanders.” She remarked, “These disaster loans are a lifeline for Long Islanders, providing critical support to help them rebuild and restore their livelihoods. I thank the SBA for offering this vital assistance and will continue to fight to ensure all New Yorkers have every available resource to accelerate the recovery process after severe weather events.”
The program offers tailored financial solutions to meet the specific needs of residents and businesses. Eligible applicants can use the funds to repair or replace property damaged by the flooding. Governor Hochul highlighted that these efforts are part of a broader state-federal partnership to ensure timely recovery for impacted communities.
Applications are now open, with deadlines for physical property damage set for January 27, 2025, and economic injury applications due by August 26, 2025. Governor Hochul encouraged those eligible to take advantage of the assistance, reiterating the state’s commitment to supporting Long Islanders through their recovery journey.
