Many Hurricane Sandy victims on the East Coast were still recovering from Hurricane Irene when the area was declared a major disaster area for the second time in barely 14 months.
Since Hurricane Irene, SBA disaster loan rates have decreased from 2.5% to 1.688%. As many residents do not qualify for grants, SBA disaster loans are their best option for financial recovery. Victims of the two disasters should be given the option to refinance Irene loans at the new rate of 1.688%.