As a result of the impacts of Hurricane Ida, federal economic assistance is available to businesses, homeowners, and renters in the parishes of Ascension, Assumption, East Baton Rouge, East Feliciana, Iberia, Iberville, Jefferson, Lafourche, Livingston, Orleans, Plaquemines, Pointe Coupee, St. Bernard, St. Charles, St. Helena, St. James, St. Martin, St. Mary, St. Tammany, St. John the Baptist, Tangipahoa, Terrebonne, Washington, West Baton Rouge, and West Feliciana.
Important Information Before You Apply
- These loans are available to homeowners, renters, and business owners. Owning a business is not a requirement.
- They MUST be paid back.
- An SBA loan can affect your eligibility for other FEMA programs.
SBA provides low-interest disaster loans to help businesses and homeowners recover from declared disasters, they include:
- Business Physical Disaster Loans
- Home Disaster Loans
- Economic Injury Disaster Loans (EIDL)
Business Physical Disaster Loans
Business physical disaster loans may be used for repairs and replacements to real property, machinery, equipment, fixtures, inventory, and leasehold improvements that are not covered or fully covered by insurance. They may also be used to mitigate against future damage with improvements, such as grading or contouring of land, relocating or elevating utilities or mechanical equipment, building retaining walls, etc.
Home Disaster Loans
Homeowners and renters may apply to the SBA for loans to help recover uninsured and underinsured losses from a disaster. Homeowners may apply for a real property loan to repair or restore their primary residence to its pre-disaster condition, to protect the damaged property from a similar disaster in the future, and to make upgrades and changes required by city building codes. Renters and homeowners may also apply for a personal property loan to repair or restore personal property items, including automobiles, furniture, or clothing, damaged or lost in a disaster.
Economic Injury Disaster Loans (EIDL)
Small businesses that do not have Credit Available Elsewhere and are unable to meet ordinary and necessary financial obligations due to the disaster are eligible for an EIDL. EIDL proceeds may only be used for working capital necessary to enable the business or organization to alleviate the specific economic injury caused by the disaster and to resume normal operations.
The deadline to apply for a physical disaster loan expired on October 28, 2021; however; the deadline to apply for an economic injury loan is May 31, 2022.