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.

SBA OFFICE OF DISASTER ASSISTANCE ANNOUNCES OUT OF FUNDS ON SBA LOAN PORTALS

The SBA Office of Disaster Assistance is announcing on the SBA loan portals of applicants that SBA will not make any more loan offers to applicants until Congress approves additional funding. The agency is continuing to process and underwrite loan applications but will not issue the loan offers until additional funding is restored.

What the agency means about “offers” pertains to when the underwriting is complete and a loan offer is literally made to the applicant. At that time funds must be “earmarked” by law for the funding of the loan. If no loan proceeds are available then loan offers cannot be issued.

This does not mean to not submit your application. Quite the contrary the Office of Disaster Assistance is working twelve hours a day seven days a week in response to the recent disasters. This is indeed the time to submit your application and get it into the process. There already is a backlog of applications for loan officers currently estimated to be thirty days before active underwriting.

So do not delay. Apply today!

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.