Those impacted by Hurricane Idalia have an extra two weeks to seek low-interest loans from the U.S. Small Business Administration.
While the deadline to obtain a property disaster loan initially passed Wednesday, the SBA is providing a “grace period” that extends the deadline to Dec. 14.
During the grace period, homeowners, renters, businesses and most non-profits can apply for a low-interest loan to repair or replace property damaged by Hurricane Idalia, which hit North Florida in late August, in the primary counties that were declared a disaster. That includes Columbia, Suwannee, Hamilton and Lafayette counties.
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-damaged property owned by the business, and Home Disaster Loans for homeowners or renters to repair or replace disaster-damaged 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 as low as 2.5% for home loans, 2.375% for non-profits and 4% for business loans. 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.
People may apply online at disasterloanassistance.sba.gov or by calling 800-659-2955.
There is no cost to apply.