Spring this year has brought devastating storms, tornadoes, flooding and, in some cases, severe drought, to states across the country including Florida, Georgia, Alabama, California and Idaho.
To help small businesses that have been impacted by the severe weather, the Small Business Administration (SBA) is making low-interest disaster loans available to residents, business owners and non-profit organizations to aid in the recovery in federally-declared disaster areas.
Physical and Economic Injury Disaster Loans are offered. However, not every disaster area will qualify for both types of loans. And, economic injury loans are available even in cases where there was no physical damage sustained.
Deadlines to apply and approved loan amounts can vary, depending on when the damage happened and financial need, as verified by SBA. Many of the deadlines for physical damage are in June and July. Economic injury deadlines generally are around early 2015.
For example, the SBA issued a press release on May 23 regarding disaster loans for residents in Escambia, Jackson, Okaloosa, Santa Rosa and Walton counties in northern Florida, an area that sustained damages due to storm damage from floods, tornadoes and strong winds that took place in late April and early May.
So far, nearly 180 loans valued at more than $7.6 million have been made to residents and business owners in the affected areas, according to SBA officials..
Economic injury loans can cover items such as payroll, fixed debts, accounts payable and other related expenses.
A similar press release also was released for residents of the Alabama counties of Baldwin, Blount, Dekalb, Etowah, Jefferson, Lee, Limestone, Mobile and Tuscaloosa. About $5.7 million has been paid out in disaster loans.
Economic injury loans are available small businesses and most nonprofits in some adjacent counties in Alabama, Florida, Tennessee and Mississippi.
Deadlines for these areas are July 1 for physical damage and Feb. 7 for economic damage.
Getting assistance for disaster-related incidents can be done by calling the Federal Emergency Management Agency (FEMA). Applying for relief loans can be done through the SBA website.
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