By Charles Layton
Second homes — such as many people own in Ocean Grove and other shore towns — are NOT eligible for low-interest loans under Small Business Administration disaster aid. Blogfinger had reported otherwise in a previous article, but that report was in error.
The SBA’s website (click here) says explicitly that secondary homes or vacation homes are not eligible for disaster loans “as homes. They may be eligible for business disaster loans under certain conditions.”
Robin Smith, a Federal Emergency Management Agency public information officer, explained those conditions to Blogfinger on Monday. She said that if a person owns a second home, rents it out and declares the income on federal taxes, then it is possible that the home could qualify as a business. In that case, the owner might possibly be eligible for a Small Business Administration low-interest disaster loan, although the owner would have to qualify under a fairly low income ceiling. “Most people who own a second home probably wouldn’t qualify,” Smith said.
For information about all kinds of federal disaster aid, go to http://www.fema.gov. People needing help should also know that FEMA has just opened a disaster recovery center in Belmar at 601 Main Street. As we understand it, you can go there, walk right in and speak with a FEMA official.