Category: SBA Disaster Assistance

Disaster assistance is available to business owners located in a declared disaster area. such as from a hurricane, flooding, fires, and several other natural and man-made disasters

Using the SBA Disaster Assistance Portal

The U.S. Small Business Administration which provides the majority of disaster assistance through loans is requiring disaster victims to use the SBA portal to apply for assistance.

While the agency claims the portal system speeds up the process for the victim there are some issues to avoid.

Don’t lose your login information. No one will be able to help you get back into your account and you will have to start over.

Don’t make entry mistakes on important items such as your social security number. One mistake on a single digit can take weeks to correct.

Do turn in what the portal requires during the seven-day period allowed. If you don’t SBA will withdraw your file and it will be up to you to file a reconsideration explaining why you did not provide the information in the time allowed. They may or may not accept your reconsideration to apply.

While the disaster assistance program provides financing that can not be matched for victims with no credit available elsewhere, the new system does have its problems.

If you need professional assistance that is what we do and you may contact us at any time to represent you.

 

Applying for EIDL

Applying for an Economic Injury Disaster Loan a/k/a EIDL the SBA has implemented a new mandatory portal system. When using the portal it is important to be timely and accurate.  For example, if you are off a digit on your SSI number, it can take weeks to correct while your application is withdrawn from the processing system. Forget your login information or your password and there is no help available. You have to start the application process over.

Once the SBA requests information they will give you seven days to comply. If you do not, your application is withdrawn, and you will be required to file for a reconsideration explaining why you should be reconsidered.

There are many pitfalls to the SBA Office of Disaster Assistance processing procedures and information obtained from customer service is frequently incorrect. Either download the SOP manual from the SBA website or contact us.

Disaster Assistance Available For Business Owners Financially Impacted By Hurricane Idalia

Business owners financially impacted by Hurricane Idalia may be eligible for disaster assistance from the U. S. Small Business Administration.  Working capital loans up to two million dollars with no interest or payments for twelve months are available to businesses that can not pay their ordinary operating expenses due to a disaster such as Idalia.

The hurricane which occurred on August 27, 2023, has been declared a natural disaster by the President and allows businesses in the county and surrounding counties where the storm made landfall to apply for this assistance.

There does not need to be physical damage to the business to be eligible as the assistance is based on economic injury rather than physical injury.