The U.S. Small Business Administration (SBA) has issued a reminder to small businesses and private nonprofit organizations in Florida about the approaching deadline of April 1, 2025, for applying for federal disaster loans. These loans are intended to mitigate economic losses caused by severe storms and flooding that occurred from June 11-14, 2024.
The disaster declaration includes the counties of Broward, Collier, Hendry, Miami-Dade, Monroe, and Palm Beach. The SBA's Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofits affected financially by the disaster. However, agricultural producers such as farmers or ranchers are not eligible unless they are small aquaculture enterprises.
These EIDLs can be used for working capital needs resulting from the disaster and are accessible even if there was no physical damage to the business or nonprofit organization. The loans may cover fixed debts, payroll, accounts payable, and other expenses that could not be paid due to the disaster.
"SBA loans help eligible small businesses cover operating expenses after a disaster, which is crucial for their recovery," stated Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "These loans not only help business owners get back on their feet but also play a key role in sustaining local economies in the aftermath of a disaster."
Eligible applicants can receive up to $2 million with interest rates as low as 4% for small businesses and 3.25% for private nonprofits. Loan terms can extend up to 30 years with interest accrual and payments deferred until one year after the first loan disbursement. The SBA determines loan amounts and terms based on each applicant’s financial situation.
Applications can be submitted online at sba.gov/disaster or by contacting SBA’s Customer Service Center at (800) 659-2955 or via email at disastercustomerservice@sba.gov. Telecommunications relay services are available by dialing 7-1-1 for those who are deaf or hard of hearing.
The deadline for submitting economic injury applications is April 1, 2025.
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