Disaster Assistance for Hurricane Idalia available through the SBA, but a remaining deadline looms

The final filing deadline for physical disaster loan assistance from the U.S. Small Business Administration (SBA) for survivors of Hurricane Idalia is Thursday, December 14, 2023. The damages from the summer storm must have occurred between August 27 and September 4.

Survivors in the following counties are eligible to apply for physical damages caused by Hurricane Idalia: Charlotte, Citrus, Columbia, Dixie, Gilchrist, Hamilton, Hernando, Hillsborough, Jefferson, Lafayette, Levy, Madison, Manatee, Pasco, Pinellas, Sarasota, Suwannee, and Taylor.

The SBA recommends not waiting to settle with your insurance company before applying for a disaster loan. If a survivor does not know how much of their loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided the borrower agrees to use insurance proceeds to reduce or repay the loan.

Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-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.

Brian Santamaria with U.S. Small Business Administration said the EIDL loans can be useful to keep businesses going.

“They can use the loan for working capital and it basically helps out business owners with continuing to make their payments or their monthly cost expenses. So for example, rent or their mortgage on the property, continuing to pay staff, continuing to pay those recurring payments that they have,” he said.

Santamaria also said the business owner can dictate how much and for how long the loan can be set.

“They can set a certain amount of time that they going to use the the working capital for so if they want to do it for a year or two until things get going again until you know that things improve around the area or the surrounding area.”

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure website at https://disasterloanassistance.sba.gov/ela/s/ and should apply under SBA declaration #18118.

Santamaria says so far 700 business loan applications due to damages from Idalia have been approved and funded for around $10.5 million. Around $64 million have gone toward home applications.

For more information, download the forms here.

Disaster loan information and application forms can also be obtained by calling the SBA’s Customer Service Center at 800-659-2955 (if you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services) or sending an email to DisasterCustomerService@sba.gov. Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to:
U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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