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The U.S. Small Business Administration (SBA) announced today the expansion of its disaster declaration for Hurricane Helene, which began on September 23, 2024. The declaration now includes seven additional primary counties and ten adjacent counties, making more businesses and residents eligible to apply for SBA’s low-interest disaster loan program.
The expanded declaration covers a total of 30 primary 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 counties are eligible for both Physical and Economic Injury Disaster Loans (EIDLs) through the SBA.
Additionally, businesses and private nonprofit organizations in the following adjacent counties are eligible for Economic Injury Disaster Loans: Bay, Broward, Calhoun, Clay, DeSoto, Flagler, Gadsden, Glades, Hardee, Hendry, Highlands, Liberty, Marion, Miami-Dade, Monroe, Nassau, Polk, St. Johns, Sumter, Volusia in Florida; and Brooks, Charlton, Clinch, Echols, Grady, Lowndes, Thomas, and Ware in Georgia.
Key Details of the SBA Disaster Loan Program
Disaster survivors are encouraged not to wait for insurance settlements before applying for an SBA disaster loan. If survivors are unsure of 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 insurance proceeds will be used to reduce or repay the loan.
- Loan Limits: Businesses and private nonprofit organizations may borrow up to $2 million to repair or replace disaster-damaged real estate, machinery, equipment, inventory, and other business assets.
- Economic Injury Disaster Loans (EIDLs): Available to small businesses, agricultural cooperatives, aquaculture businesses, and most private nonprofit organizations to cover working capital needs caused by the disaster, regardless of whether physical damage occurred.
- Homeowners and Renters: Disaster loans of up to $500,000 are available to homeowners for real estate repairs or replacement, and up to $100,000 for personal property damage.
- Interest Rates: Rates are as low as 4% for businesses, 3.25% for nonprofit organizations, and 2.813% for homeowners and renters. Loan terms can extend up to 30 years, with no interest accrual or payments required for the first 12 months after the initial disbursement.
Mitigation Measures for Future Disasters
In addition to rebuilding, applicants may request a loan increase of up to 20% of their verified physical damages to make mitigation improvements, such as installing a safe room, sump pump, French drain, or storm shelter. These improvements can help protect property and occupants from future disasters.
Coordination with FEMA
The SBA encourages disaster survivors to apply for both FEMA grants and SBA disaster loan assistance to maximize recovery efforts. FEMA grants cover necessary expenses not addressed by insurance, while SBA loans provide long-term recovery support to help businesses and residents return to their pre-disaster condition.
Application Process and Deadlines
Survivors can apply online and find 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. Individuals who are deaf, hard of hearing, or have a speech disability can dial 7-1-1 for telecommunications relay services.
- Deadline for Physical Damage Applications: November 27, 2024.
- Deadline for Economic Injury Applications: June 30, 2025.
