Expanded resources and processes means more money faster for small businesses and families following disaster.
The U.S. Small Business Administration (SBA) recently announced new measures to enhance support for small businesses seeking relief from environmental disasters.
Although the agency is finalizing a rule to formalize these measures, as of July 31, 2023, the process of applying for disaster loans will become more flexible, with the SBA doubling the cap for its applicable emergency loan programs.
The SBA is also expanding its mitigation assistance to other types of hazards beyond declared disaster events, now including support following hurricanes, floods, tornadoes, wildfires, earthquakes, and more. This expansion for permitted uses of SBA disaster funds ensures small businesses and property owners against multiple types of hazards outside of nationally declared disasters under the previously established processes.
Additionally, the SBA is also continuing to waive interest rates for disaster funds for the first year they are issued and will extend the initial payment deferment period for these disaster and hazard loans programs beyond an initial Sept. 30, 2023, deadline set for interest rates for disaster funds last year.
Read the full agency rule here.