ALBUQUERQUE, N.M. (KRQE) – Victims of the Hermits Peak /Calf Canyon Fire that took out disaster relief loans can now get additional assistance through the Small Business Administration. The partnership with the SBA allows borrowers to request compensation to pay off their disaster loans and interest.
Borrowers will have two options for disaster loan assistance:
Option 1 – Borrowers can authorize the Claims Office to pay SBA directly. This option is completed through electronic transfer between the Claims Office and the SBA. The Claims Office will include any interest accrued during the life of the loan. The loan will be paid in its entirety by the Claims Office on the borrower’s behalf. Any interest that has already been paid on the loan will also be compensated to the borrower.
Option 2 – Borrowers may request compensation directly for their SBA loan. This requires the borrower to pay off the loan, including interest, to the SBA. Interest will continue to accrue until the loan is paid off. The Claims Office can only reimburse interest accrued from the date the loan was taken out until the date the borrower receives compensation. If the borrower does not repay their loan immediately they are responsible for accrued interest.