SBA Continues to Assist Businesses and Residents Impacted
SACRAMENTO, Calif. – The sheer level of devastation caused by Hurricane Ida, which occurred Aug. 26 ‑ Sept. 3, 2021, has now caused the name to be retired by the World Meteorological Organization (WMO). This means the name is barred from ever being used again in the list of storm names cycled by WMO forecasters every six years.
Hurricane Ida made landfall in Louisiana as a Category 4 hurricane with maximum sustained winds of 150 mph. Remnants of Ida also devastated businesses and residents in the northeastern United States with heavy rain and deadly flooding, leaving a trail of devastation. Hurricane Ida was directly responsible for 55 deaths in the United States. Ida caused over $75 billion in damage. Estimates are that Hurricane Ida caused approximately $55 billion in damage in Louisiana, and as much as $22.5 billion in inland flooding in other states, including Connecticut, Georgia, Maryland, Mississippi, New Jersey, New York, and Pennsylvania.
“Though the name Ida was retired, the Biden-Harris Administration and Small Business Administration remain hard at work nine months later in impacted communities. Office of Disaster Assistance representatives are available at SBA Business Recovery Centers and SBA Disaster Loan Outreach Centers in Louisiana to explain the disaster loan program and help business owners and residents close their approved disaster loans,” said Francisco Sánchez, Jr., Associate Administrator of SBA’s Office of Disaster Assistance.
“To date, SBA has approved over $1.8 billion in federal disaster loans for businesses and residents in states affected by Ida. SBA has approved $179.7 million for businesses and $1.7 billion for residents to help rebuild and recover from this disaster,” Sánchez continued.
SBA disaster teams also responded quickly and decisively to a wave of Hurricanes in 2017. These team members are aware of how disasters affect small businesses along with the neighborhood‐level impacts. SBA provided $3.42 billion for businesses and residents affected by Hurricane Harvey, $1.75 billion for Hurricane Irma and $2.22 billion for Hurricane Maria.
Even though the deadline to apply for a loan for property damage has passed for Hurricane Ida in Louisiana, small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size still have until May 31, 2022, to apply for an economic injury disaster loan to help meet working capital needs caused by the disaster. Economic injury assistance is available regardless of whether the business suffered any property damage. Business owners may apply online using SBA’s secure website at https://disasterloanassistance.sba.gov/.
SBA continues to encourage businesses and residents to take steps now to protect your home or business by becoming more resilient. Those affected by Hurricane Ida or another natural disaster can request to increase their SBA disaster assistance loan up to 20% of the verified physical damage to make mitigation improvements.
For a list of locations, or to receive additional disaster assistance information, visit SBA’s website at https://disasterloanassistance.sba.gov/ela/s/disaster-details?recordId=a0et0000008tYqNAAU .
Interest rates can be as low as 2.855 percent for businesses and 2 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.
To receive additional disaster assistance information, visit SBA’s website at www.sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
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About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.