SBA Disaster Loans For Hurricanes Ian & Fiona Application – The United States Small Business Administration (SBA) has announced that disaster assistance loans are now available to Florida business owners affected by Hurricanes Ian and Fiona in 2022. If you have suffered uninsured or unreimbursed property losses, you may qualify for help from the SBA through its regular disaster loan program.
Application filing deadlines:
- Physical damage: November 28, 2022
- Economic injury: June 29, 2022
- Information current as of September 30, 2022
What are SBA Disaster Loans
The U.S. Small Business Administration (SBA) offers disaster loans to businesses in certain areas of the United States which have suffered a major disaster. The SBA defines a major disaster as:
– Presidential declared disaster areas or an area determined eligible due to economic injury.
– A fire, flood, hurricane, or earthquake that causes damage of at least $25,000 to your business property or inventory.
– A tornado that causes damage of at least $10,000 to your business property or inventory.
How to Use an SBA Disaster Loan
If you’re a business owner who has been affected by Hurricane Ian, Hurricane Fiona, or both hurricanes, the SBA has made it easier than ever to apply for an SBA disaster loan. The SBA disaster loan can be used for Losses not covered by insurance or funding from the Federal Emergency Management Agency for both personal and business and Business operating expenses that could have been met had the disaster not occurred.
Who Can Use an SBA Disaster Loan?
An SBA disaster loan can be used by businesses of all sizes located in declared disaster areas, private nonprofit organizations, homeowners, and renters affected by declared disasters, including civil unrest and natural disasters such as hurricanes, flooding, and wildfires.
The disaster loans available for Hurricanes Ian and Fiona include all of the following.
- Home Disaster Loans – Loans to homeowners or renters to repair or replace damaged real estate and personal property, including automobiles.
- Business Physical Disaster Loans – Loans to businesses to repair or replace damaged property owned by the business, including real estate, inventories, supplies, machinery, and equipment. Businesses of any size are eligible. Private, non-profit organizations such as charities, churches, private universities, etc., are also eligible.
- Economic Injury Disaster Loans (EIDL) – Working capital loans to help small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private, non-profit organizations of all sizes meet their ordinary and necessary financial obligations that cannot be met as direct result of the disaster. These loans are intended to assist through the disaster recovery period.
More detailed information can be found in the Hurricane Ian disaster fact sheet.
Areas Eligible for SBA Disaster Loans
The SBA disaster loan application process is available to small businesses, non-profits, homeowners, and renters in the Florida counties of Charlotte, Collier, DeSoto, Hardee, Hillsborough, Lee, Manatee, Orange, Osceola, Pinellas, Polk, Sarasota, and Seminole; and for economic injury only in the contiguous Florida counties of Brevard, Broward, Glades, Hendry, Highlands, Indian River, Lake, Miami Dade, Monroe, Okeechobee, Pasco, Sumter, and Volusia.
Applying For SBA Disaster Loan
In order to apply for an SBA disaster loan for Hurricanes Ian and Fiona, you must first visit the SBA website online to file an SBA disaster loan application. Once you have filed the application with the SBA, they will assess the damage to your business and determine how much assistance you are eligible for. The process takes approximately 30 days to complete. If approved, you will receive the SBA disaster loan assistance.