Deadline Approaches for Florida Residents and Businesses to Apply for Federal Disaster Loans
The U.S. Small Business Administration Disaster Loans are intended to help Floridians recover from Hurricane Milton, which slammed into the state last October, causing wind destruction, storm surge, tornadoes, and flash flooding.
Eligible Areas
Palm Beach County is among the lengthy list of Florida counties eligible for physical damage loans, and therefore also eligible to apply for a loan for mitigation for a future event.
Application Deadline
The deadline for Florida residents and businesses impacted by the rapid succession of 2024 hurricanes to apply for federal disaster loans is Tuesday. Economic injury only loans are available for Broward and Miami-Dade counties "to help businesses keep going," said John Oliver Frederick, the spokesman for the Office of Disaster Recovery & Resilience with the U.S. Small Business Administration.
Loan Details
The SBA sets the installment payment amount and maturity date based upon each borrower’s ability to repay. The interest rate depends on whether the borrower has access to other lines of credit. Frederick said he urges Floridians to "use this as your safety net." No payment is due the first year.
How to Apply
Applications for disaster loans may be submitted online using the MySBA Loan Portal at https://lending.sba.gov. Call 800-659-2955 for information.
Conclusion
The U.S. Small Business Administration Disaster Loans are a crucial resource for Florida residents and businesses affected by the recent hurricanes. With the deadline approaching, it is essential to take advantage of this opportunity to recover and rebuild.
FAQs
Q: What is the deadline to apply for federal disaster loans?
A: The deadline is Tuesday.
Q: Which counties are eligible for physical damage loans?
A: Palm Beach County is among the eligible counties.
Q: What type of loans are available for Broward and Miami-Dade counties?
A: Economic injury only loans are available to help businesses keep going.
Q: How do I apply for a disaster loan?
A: Applications can be submitted online using the MySBA Loan Portal at https://lending.sba.gov or by calling 800-659-2955.
