Locals impacted by Idalia can apply for aid until Nov. 29.
The U.S. Small Business Association is extending a key deadline for Florida proper ty owners to ask for help in financially recovering from Hurricane Idalia’s impacts.
Columbia, Dixie, Gilchrist, Hamilton, Suwannee, Taylor and Lafayette County residents are getting another oppor tunity to apply for financial aid in help- ing cover both business and home losses during the August hurricane.
Originally slated for an Oct. 30 deadline, the SBA is now accepting applications until Nov. 29 for physical damage and May 31, 2024, for economic injury. According to the SBA, Economic Injury Disaster Loans (EIDLs) are working capital loans designed to help small businesses — including agricultural cooperatives and most private, non-profit organizations meet their financial obligations that cannot be met as a direct result of Idalia.
The SBA is also offering Business Physical Disaster Loans, intended for businesses to repair or replace disaster-dam-
aged proper ty owned by the business, and Home Disaster Loans for homeowners or renters to repair or replace disaster-dam- aged real estate and personal property, including automobiles.
The specialized loans will have their limits. EIDLs and Business Physical Disaster Loans are capped at $2 million while Home Disaster Loans are set at $500,000 for the repair or replacement of real estate and $100,000 to repair or replace personal property. Interest rates are at 2.5% for home loans, 2.375% for nonprofits and 4% for business loans, though those rates double (outside of nonprofits)
if the SBA determines the appli- cant has the means to provide for their own recovery. Loan terms have a maximum of 30 years to pay off, but the SBA reminds applicants that businesses that are deemed to have those means to help their own recovery have a max 7-year term.
Those looking to apply for assistance may do so online at disasterloanassistance.sba.gov/ela or by calling the SBA Customer Service Center at (800)-659-2955. Prospective applicants may also email disastercustomerservice@sba.gov for more information. There is no cost to apply.