The SBA offers low-interest, long-term disaster loans to homeowners, renters, businesses of all sizes and non-profits to repair or replace property damaged by Hurricane Ida. The interest rate for homeowners and renters is as low as 1.563% with terms up to 30 years.
Homeowners can borrow up to $200,000 to make repairs to their primary residences and renters and homeowners can borrow up to $40,000 to replace the contents of their homes, including furniture, appliances, and cars.
Businesses can borrow up to $2 million to repair and/or replace damaged buildings, inventory, supplies and other business assets. Businesses can also apply for economic injury disaster loans to help pay the bills they would have been able to pay had the disaster not happen.
The deadline to apply for a property damage disaster loan is November 4, 2021. The deadline to apply for an economic injury disaster loan is June 6, 2022.
Anyone impacted by Hurricane Ida should first register with FEMA. It is encouraged that everyone referred by FEMA to the SBA is to complete a disaster loan before the deadline, even if they are not sure whether they need a disaster loan or think they may not qualify. Those that are denied a disaster loan are referred back to FEMA for any additional assistance that they may be eligible to receive. Completing a disaster loan application is part of the eligibility process for some other needs FEMA assistance.
There is no need to wait for insurance to be settled to apply for a disaster loan.
Individuals and businesses can find more information and apply online at sba.gov. They may also get one on one assistance completing their applications at a Disaster Recovery Center or Business Recovery Center. For more information about SBA disaster loans and application assistance, disaster survivors can call (800) 659-2955.
Additional information can be found in the following documents: Three Steps to SBA Disaster Assistance Loans and U.S. Small Business Administration Fact Sheet - Disaster Loans.