There are just a few days left for residents and businesses impacted by the Maui wildfires to file for federal loans from the U.S. Small Business Administration.
The SBA has extended its deadline for property damage loan applications several times. The latest extension is what's remaining of a 45-day grace period that began Dec. 11 and ends Jan. 25.
The federal agency has approved over $290 million in disaster loans so far, according to Cynthia Cowell, a public information officer based in Honolulu and from the Big Island. She said $187 million has gone to homeowners and the rest to businesses.
Homeowners and renters are eligible to borrow up to $100,000 to replace personal items, including vehicles. Homeowners can also borrow up to $500,000 to replace or repair damaged property. Businesses can receive up to $2 million.
Separately, businesses can also receive economic injury disaster loans.
"A lot of the businesses who suffered economic damages are still hesitant to file their applications because one, they don't want a loan, and two, they're not really sure if we can help them," Cowell said. "The only way we know if we can help you is if you go ahead and apply."
Businesses on other islands can receive economic injury loans if they were affected by the tourism shutdown on Maui, Cowell told HPR.
"Let's say you're a manufacturer in Honolulu that sells a great amount of your product to Maui hotels and the Maui hotels shut down, you may be able to recoup some of those losses," she said.
"You're not going to make a profit off it, but you will be able to maintain your obligations with an economic injury disaster loan, so you can keep your employees employed and you can pay your mortgage and your bills."
Residents and businesses have until Jan. 25 to file for property damage loans from the SBA. The deadline for economic injury loans is May 10. Click here to learn more.
You can also visit any of the SBA business recovery centers on Maui, O‘ahu, Hawaiʻi Island or Kaua‘i, even if you’re not a business, to get help registering for assistance.
This story aired on The Conversation on Jan. 22, 2024. The Conversation airs weekdays at 11 a.m. on HPR-1. Sophia McCullough adapted this story for the web.
