The SBA said disaster survivors should not wait to settle with insurance companies before applying for disaster loans. Also, Milton, Helene insurance claims increased.
ORLANDO, Fla. — The U. S. Small Business Administration (SBA) is urging business owners, homeowners and renters impacted by the recent hurricanes to apply for its Disaster Loan Program funding even though the program’s funds have been depleted.
The SBA stated it will continue to accept and process applications to ensure funding is distributed once it becomes available. On Tuesday (Oct. 15), the SBA announced the program ran out of money. New loan offers are paused until Congress reconvenes after the November election and discusses replenishing the program. Click here to start an SBA application.
So far, the SBA has received around 37,000 applications for relief from those impacted by Hurricane Helene and made more than 700 loan offers totaling about $48 million. It has received 12,000 applications from those impacted by Hurricane Milton.
Who is eligible?
The SBA said disaster survivors should not wait to settle with their insurance companies before applying for a disaster loan. Businesses and private nonprofits of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory and other business assets.
Disaster loans up to $500,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $100,000 to repair or replace disaster-damaged or destroyed personal property.
Interest rates are as low as 4% for businesses, 3.25% for nonprofit organizations and 2.813% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue, and monthly payments are not due, until 12 months from the date of the initial disbursement.
The disaster declaration covers Brevard, Charlotte, Citrus, Clay, Collier, DeSoto, Duval, Flagler, Glades, Hardee, Hendry, Hernando, Highlands, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Volusia and the Miccosukee Tribe of Indians of Florida; residents in these areas are eligible for both Physical and Economic Injury Disaster Loans from the SBA.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans (EIDLs) to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Alachua, Baker, Bradford, Broward, Levy, Miami-Dade, Monroe and Nassau.
Hurricane Milton damage
As of Thursday (Oct. 17), Hillsborough (38,251), Pinellas (27,100), Manatee (19,896), Polk (12,788) and Sarasota (12,788) are the top five out of 20 counties with the greatest number of claims reported with Hurricane Milton damage.
The total estimated insured losses in Florida for Hurricane Milton were $2,341,971,571 as of Thursday. Of the 189,858 claims so far, 154,323 are for residential property damage. The number of claims and estimated losses are expected to increase in the coming weeks. For now:
- Claims under private flood insurance policies: 1,200 (most flood policies are through FEMA’s Flood Insurance Program, not private)
- Claims closed with payments to policyholders: 6,924
- Claims closed without payments to policyholders: 8,945
- Commercial property claims: 4,820
- Percent of claims closed: 8.4%
Hurricane Helene damage
In Hurricane Helene, Pinellas (42,686), Hillsborough (15,245), Pasco (8,794), Manatee (6,952) and Sarasota (6,532) are the top five out of 20 counties with the greatest number of claims.
As of Wednesday (Oct. 16), the total estimated insured losses in Florida for Hurricane Helene were $1,300,060,853. Of the 120,040 claims so far, 54,136 are for residential property damage. The number of claims and estimated losses are expected to increase in the coming weeks. For now:
- Claims under private flood insurance policies: 3,650 (most flood policies are through FEMA’s Flood Insurance Program, not private)
- Claims closed with payments to policyholders: 18,643
- Claims closed without payments to policyholders: 15,665
- Commercial property claims: 2,973
- Percent of claims closed: 28.6%
The Associated Press contributed to this report.
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