SBA Expands Florida Disaster Loan Program for Hurricane Helene Survivors

admin October 11, 2024

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The US Small Business Administration (SBA) announced today the extension of its Hurricane Helene disaster declaration, which began on September 23, 2024. The declaration now covers seven core states and ten surrounding states, making more businesses and residents eligible to apply. The SBA’s low-interest disaster loan program.

The expanded announcement covers a total of 30 major counties, including: Alachua, Baker, Bradford, Charlotte, Citrus, Collier, Columbia, Dixie, Duval, Franklin, Gilchrist, Gulf, Hamilton, Hernando, Hillsborough, Jefferson, Lafayette, Lee, Leon, Levy, Madison, Manatee, Pasco, Pinellas, Putnam, Sarasota, Suwannee, Taylor, Union, and Wakulla. Businesses and residents in these states qualify for both Economic and Physical Injury Disaster Loans (EIDLs) through the SBA.

Additionally, businesses and nonprofit organizations in the following nearby counties are eligible for Economic Crisis Loans: Bay, Broward, Calhoun, Clay, DeSoto, Flagler, Gadsden, Glades, Hardee, Hendry, Highlands, Liberty, Marion, Miami-Dade, Monroe, Nassau , Polk, St. Johns, Sumter, Volusia Florida; and Brooks, Charlton, Clinch, Echols, Grady, Lowndes, Thomas, and Ware in Georgia.

Important Details of the SBA Disaster Loan Program

Disaster survivors are encouraged not to wait for insurance coverage before applying for an SBA disaster loan. If survivors are unsure how much of their loss will be covered by insurance, the SBA can issue a low-interest disaster loan for the total loss, with the agreement that the insurance proceeds will be used to reduce or repay the loan.

Loan limits: Businesses and private nonprofit organizations can borrow up to $2 million to repair or replace disaster-damaged real estate, machinery, equipment, materials, and other business assets.
Economic Disaster Loans (EIDLs): Available to small businesses, agricultural cooperatives, aquaculture businesses, and many private non-profit organizations to meet the working capital needs of a disaster, regardless of damage.
Landlords and Tenants: Disaster loans of up to $500,000 are available to homeowners for real estate repairs or replacements, and up to $100,000 for personal property damage.
Interest rates: The lowest rates are up to 4% for businesses, 3.25% for non-profit organizations, and 2.813% for homeowners and renters. Loan terms can be extended up to 30 years, with no accrued interest or required payments in the first 12 months after the first payment.

Measures to Reduce Future Disasters

In addition to rebuilding, applicants can request a loan increase of up to 20% of their certified physical damage to make mitigation improvements, such as installing a safe room, sump pump, French drain, or storm shelter. These improvements can help protect property and people who live in them from future disasters.

Liaison with FEMA

SBA encourages disaster survivors to apply for both FEMA grants and SBA disaster loan assistance to boost recovery efforts. FEMA grants cover necessary expenses not covered by insurance, while SBA loans provide long-term recovery support to help businesses and residents return to their pre-disaster status.

Application Process and Deadlines

Survivors can apply online and get more disaster assistance information at SBA.gov/disaster. They can also call the SBA Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov. People who are deaf, hard of hearing, or speech impaired can call 7-1-1 for communication transfer services.