Category: SBA Disaster Assistance

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.

 

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.