The SBA provides EIDL assistance only to those businesses we determine are unable to obtain credit elsewhere. You may request an EIDL for the amount of economic injury and operating needs, but not in excess of what your business could have paid had the disaster not occurred. In determining your eligible amount, the SBA will look at the total of your debt obligations, operating expenses that mature during the period affected by the disaster, plus the amount you need to maintain a reasonable working capital position during that period, and expenses you could have met and a working capital position you could have maintained had the disaster not occurred.

The emergency loan program aims to help family farmers recover from losses resulting from natural disasters. The repayment period for emergency loans is based on the type of loss and the applicant's repayment ability. In most cases, loans for annual operating expenses must be repaid within 12 months, and loans for losses to equipment, livestock, machinery, etc. cannot exceed 7 years. The loan term for losses to real estate cannot exceed 40 years. The interest rate for emergency loans is 3.75%.

Insurance Proceeds: If you have insurance coverage on your personal property/home, the amount you will receive from the insurance company will be deducted from the total damage to your property in order to determine the amount for which you are eligible to apply to the SBA.

Federal law requires SBA to determine whether credit in an amount needed to accomplish full recovery is available from non-government sources without creating an undue financial hardship to the applicant. The law calls this credit available elsewhere. Generally, SBA determines that over 90% of disaster loan applicants do not have sufficient financial resources to recover without the assistance of the Federal government. Because the Military Reservist economic injury loans are taxpayer subsidized, Congress intended that applicants with the financial capacity to fund their own recovery should do so and therefore are not eligible for MREIDL assistance.

Any business that is located in a declared disaster area and has incurred damage during the disaster may apply for a loan to help repair or replace damaged property to its pre-disaster condition. The SBA makes physical disaster loans of up to $1.5 million to qualified businesses.

Applicants must be without adequate resources to obtain housing or related facilities. Applicants must be unable to secure the necessary credit from other sources at prevailing terms and conditions for residential financing.

Natural disasters will only include those areas identified by a Presidential declaration. Funds are only available to the extent that funds are not provided by FEMA. Applicants must establish that physical damage was caused by natural disaster. For Section 504 loans/grants, there must be evidence of ownership and verification of income and debts. For grant recipients, evidence of age is required. The applicant must be unable to get credit elsewhere and demonstrate repayment for the loan.