The U.S. Small Business Administration (SBA) has reminded small businesses and private nonprofit organizations in Florida of the approaching deadline to apply for federal disaster loans. These loans aim to mitigate economic losses due to Hurricane Debby, which struck from August 1 to August 27, 2024. The deadline for applications is May 12, 2025.
The disaster declaration includes numerous Florida counties such as Alachua, Baker, Bradford, and many others. It also covers the Georgia counties of Brooks, Charlton, Clinch, and additional locations.
The SBA's Economic Injury Disaster Loan (EIDL) program is available for small businesses, small agricultural cooperatives, nurseries, and private non-profits that have suffered financial impacts directly related to the disaster. The SBA clarifies that these loans are not available to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.
EIDLs are meant to address working capital needs resulting from the disaster, regardless of physical damage to the business or organization. These loans can help cover fixed debts, payroll, accounts payable, and other pressing expenses left unpaid due to the hurricane.
“SBA loans help eligible small businesses and private nonprofits 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 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.”
The loans offer a maximum amount of $2 million, with interest rates of 4% for small businesses and 3.25% for private non-profits. Loan terms can extend up to 30 years. Notably, interest does not begin to accrue, and payments are not due until 12 months following the first loan disbursement. Loan amounts and terms are determined based on each applicant's financial status.
Applications can be made online at sba.gov/disaster. Additional assistance and information are available via SBA's Customer Service Center at (800) 659-2955 or by emailing disastercustomerservice@sba.gov. Individuals who are deaf, hard of hearing, or have a speech disability can use telecommunications relay services by dialing 7-1-1.
The deadline to submit economic injury applications is May 12, 2025.
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