Disaster Recovery Resource for Small Businesses Impacted by Recent Hurricanes

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The
last
few
weeks
of
storms
have
pounded
states
across
the
Atlantic
including
Florida,
Georgia
and
the
Carolinas,
leaving
millions
scrambling
for
resources
like

SBA
disaster
loans

and
other
funding.

 

To
add
fuel
to
the
fire,
the


Small
Business
Association
(SBA)

announced
that
funds
for
vital
disaster
loan
programs
have
run
dry,
and
Congress
remains
in
recess
until
Nov.
12.
Despite
this,
it’s
still
encouraged
to
submit
an

SBA
disaster
loan
application.
Once
funding
is
approved,
loans
will
begin
approval
once
more. 

For
small
business
owners
who
have
been
impacted
by
recent
storms,
we’re
here
to
help
you
get
the
necessary
resources
to
get
your
business
back
up
and
running. 

Here’s
what
you
need
to
know. 

SBA
Lending
for
Businesses
Impacted
by
Storms 

If
your
business
qualifies
for
a

SBA
disaster
loan,
you
could
potentially
get
up
to
$2
million
in
loans
to
“replace
damaged
equipment
or
inventory
and
cover
economic
injury
from
business
disruption,”
according
to
SBA
Administrator
Isabel
Casillas
Guzman. 

These
loans
are
meant
to
be
a
supplement
alongside
any
insurance
coverage
as
well
as
FEMA
funding,
which
was
allotted


$860
million

in
funding
by
the Biden
administration. 

Here
are
several
loans
you
may
be
able
to
qualify
for: 

• 
  Business
  Physical
  Disaster
  Loans:
  If
  you
  own
  a
  business
  located
  in
  a
  declared
  disaster
  area
  that
  has
  experienced
  damage,
  you
  may
  be
  eligible
  for
  financial
  assistance
  from
  the
  SBA.   

• 
  Economic
  Injury
  Disaster
  Loans
  (EIDL):
  This
  type
  of
  SBA
  funding
  aims
  to
  help
  businesses
  that
  have
  suffered
  substantial
  economic
  losses
  due
  to
  disasters
  such
  as
  hurricanes
  by
  providing
  working
  capital
  to
  cover
  operating
  expenses
  during
  the
  recovery
  period
  until
  normal
  operations
  resume. 

• 
  Military
  Reservists
  Economic
  Injury
  Loans:
  This
  funding
  helps
  businesses
  whose
  essential
  employees
  were
  called
  to
  active
  duty
  because
  of
  the
  disaster
  and
  helps
  them
  stay
  financially
  solvent
  during
  their
  absence.   

• 
  SBA
  Mitigation
  Assistance
  Loans:
  The
  SBA
  offers
  low-interest
  disaster
  loans
  to
  small
  businesses
  impacted
  by
  declared
  natural
  and
  other
  disasters.
  Eligible
  borrowers
  may
  apply
  for
  funding
  to
  help
  mitigate
  their
  business
  against
  future
  disasters.   

If
you
prefer
to
apply
in-person,
there
are
application
sites
in
several
affected
states: 

Here’s
how
you
can
apply
for
FEMA
assistance: 

• 
  Call
  (800)
  621-3362.
  Hours
  are
  7
  a.m.
  to
  midnight
  ET
  every
  day. 

State
Focused
Disaster
Resources
for
Small
Businesses 

Depending
on
your
business’s
location,
you
may
be
able
to
also
qualify
for
funding
from
your
respective
state.
Here
are
small
business
resources
for
these
impacted
states: 

• 
  North
  Carolina 

Bottom
Line 

Resources
are
launching
each
day
to
help
small
business
across
the
East
Coast
and
Southeast
get
back
on
their
feet,
and
we
will
do
our
best
to
update
this
as
new
funding
becomes
available.