The U.S. Small Business Administration has received 2.2B for the funding of disaster assistance loans for homeowners, renters, small business owners and private non profits. Based on the max loan of 2M that would fund 1100 applications. Of course not all loans will fund as the max amount so there will be more than 1100 disaster applications funded. However, it is never too soon to file for assistance as we recently discovered the SBA does run out of money.
The primary reason for the Economic Injury Disaster Loan (EIDL) from the SBA is for companies that cannot pay ordinary operating expenses due to disasters like the Helene and Milton hurricanes. These type of business loans go up to 2M and possibly 20% larger if mitigation is approved. Home loans generally top off at 200K (with the same 20% increase allowed for mitigation) and renters’ loans at 40K for uninsured possessions, vehicles, furniture and the like.
You may contact SBA directly for assistance or you can contact us to discuss the possibility of representing you for your business disaster loan. If your business is operated from your home you may include the home loan application as well. If you are interested in a business disaster loan you can receive assistance for physical damage but also economic damage as well. This combination cannot exceed the 2M cap. It is not required that you sustain physical damage to receive assistance. If the disasters affected income to the extent you cannot pay payroll, insurance, rent or mortgage and other normal expenses you are eligible.
You may contact us on the contact page or by our phone (228) 465 9554.