ICYMI: Deadline Approaching in Florida to Apply for Physical Disaster Loans

9/6/2024

ICYMI: Deadline Approaching in Florida to Apply for Physical Disaster Loans

ATLANTA - The U.S. Small Business Administration (SBA) encourages businesses, private nonprofit organizations, homeowners and renters in Florida with damage from severe storms, straight-line winds and tornadoes of May 10, to apply for physical damage disaster loans by the Oct. 7 deadline.

The declaration covers Baker, Columbia, Gadsden, Hamilton, Jefferson, Liberty, Santa Rosa, and Suwannee counties in Florida.

Businesses of all sizes and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.

Disaster loans up to $500,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace damaged or destroyed personal property, including personal vehicles.

SBA can also lend additional funds to businesses and homeowners to help with the cost of improvements to protect, prevent or minimize future disaster damage. Approved loans may qualify for a loan amount increase of up to 20 percent of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a safe room or storm shelter, sump pump, French drain or retaining wall to help protect property and occupants from future damage.

Interest rates can be as low as 4% for businesses, 3.25% for private nonprofit organizations and 2.688% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement. The SBA sets loan amounts and terms based on each applicant's financial condition.

For more information and to apply online visit SBA.gov/disaster. Applicants may also call SBA's Customer Service Center at (800) 659-2955 or email [email protected] for information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

Submit completed loan applications to SBA no later than Oct. 7, 2024. The deadline to submit economic injury applications is May 6, 2025.

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