What do you guys put down on forms that ask for a physical U.S. postal mailing address?
For example, on the attached Economic Disaster form, it asks for a physical postal address. Most mineral rights leases do not have postal addresses. We just have UPI numbers. So what do most people put on the economic disaster forms?
What kind of claim are you making about your minerals to be a disaster?
Tornadoes caused Economic injury, lowered production tremendously.
Unless you are the operator of the well, I doubt that you would qualify for an SBA disaster loan. I’m certainly not an expert in this area.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
I worked for the SBA Office of Disaster Assistance for a number of years.
Richard stated, “unless you are the operator of the well, I doubt that you would qualify for an SBA disaster loan.” I would say this is a correct statement.
Economic Injury loans are for businesses that suffered a loss as a result of a disaster. I never once saw a loan for economic injury covering lost production by an individual. Even the operators In North Dakota, who suffered from the flooding a few years back, did not take out loans. They had insurance to cover their losses.
How much would you claim as a loss and how would you prove it? Collateral is required for loans over $25,000. Real estate is the preferred collateral.
Even though they are at a low rate they still have to be paid back.
