In an important update for disaster relief efforts, the U.S. Small Business Administration (SBA) has announced the expansion of its disaster declaration for Hurricane Helene, which commenced on September 23, 2024. This expanded declaration now encompasses seven additional primary counties and ten adjacent counties, opening the door for more businesses and residents to access the SBA’s low-interest disaster loan program.
The newly expanded declaration affects a total of 30 primary counties, including locations such as Alachua, Baker, Bradford, Charlotte, Citrus, Collier, and more. Eligible businesses and residents in these counties can apply for both Physical and Economic Injury Disaster Loans (EIDLs) through the SBA.
Furthermore, economic injury aid is available for businesses and private nonprofit organizations in adjacent counties, including Bay, Broward, and Marion in Florida, as well as several counties in Georgia such as Brooks and Lowndes.
Essential Information on the SBA Disaster Loan Program
The SBA urges disaster survivors to apply for a disaster loan without delay, irrespective of pending insurance settlements. If survivors are uncertain about the insurance coverage for their losses, the SBA can offer a low-interest disaster loan for the full amount, with an agreement to utilize any insurance proceeds to repay the loan.
- Loan Limits: Eligible businesses and private nonprofit organizations can secure loans up to $2 million for repairing or replacing disaster-affected properties and assets.
- Economic Injury Disaster Loans (EIDLs): Available to small businesses and nonprofits, these loans address working capital needs regardless of physical damage.
- Homeowner and Renter Loans: Up to $500,000 is available for homeowners for real estate repairs, while up to $100,000 can be accessed for personal property damage.
- Competitive Interest Rates: The low rates start at 4% for businesses, 3.25% for nonprofits, and 2.813% for homeowners and renters, with loan terms extending up to 30 years. No interest payments are required for the first 12 months after the funds are disbursed.
Improving Future Resilience
In addition to rebuilding efforts, applicants may request a loan increase of up to 20% of their verified damages to fund mitigation upgrades. Enhancements may include installing safe rooms, sump pumps, or storm shelters to bolster protection against future disasters.
Collaboration with FEMA
The SBA strongly encourages disaster survivors to seek both FEMA grants and SBA loans to enhance overall recovery efforts. While FEMA grants cover essential expenses not covered by insurance, SBA loans offer long-term support, helping businesses and residents return to their pre-disaster conditions.
How to Apply and Key Deadlines
(800) 659-2955. For individuals with hearing disabilities, telecommunications relay services are available.
- Deadline for Physical Damage Applications: November 27, 2024.
- Deadline for Economic Injury Applications: June 30, 2025.
