You may get a Hurricane Ida SBA loan by applying online through the Federal Emergency Management Agency (FEMA). In fact, FEMA sent out applications following Hurricane Ida. An attorney may alert you of other ways to apply for a Hurricane Ida SBA loan.
What Is an SBA Loan?
An SBA loan refers to loans issued by the U.S. Small Business Administration (SBA). As the SBA explains, the agency allocated more than $1 billion in federal disaster loans for business owners and residents in Louisiana following Hurricane Idea.
You may use funds from an SBA loan to pay for:
- Removal of damaged property
- Repairs to buildings
- Replacement of damaged furniture, electronics, and valuables
- Payroll
- Rent
- Taxes and license fees
- Replacement or repair of hurricane-damaged vehicles
- Other business-related or domestic expenses
- Any other eligible reason
SBA loans can be a significant help, especially when you’re dealing with otherwise uninsured losses.
Who Is Eligible for an SBA Loan?
Businesses, homeowners, non-profits, and renters may all be eligible for an SBA loan following Hurricane Ida.
How Much Can You Receive Through a Hurricane Ida SBA Loan?
According to the City of New Orleans, victims of Hurricane Idea may receive:
- Homeowners: Up to $200,000 for real estate damage, and up to $40,000 for damage to personal property.
- Business owners: Up to $2,000,000 for damage to real estate, equipment, inventory, and other business assets, and up to $2,000,000 to cover the economic damage of the disaster.
- Renters: Up to $40,000 for damage to personal property.
These are significant amounts, particularly for businesses harmed by Hurricane Ida. An SBA loan may provide significant relief for you during this trying time.
What Is the Application Process?
You can apply for an SBA loan via:
- Websites (through FEMA’s website or directly through the SBA)
- Email (by emailing the SBA with certain information attached)
- Fax
You may choose your method of application based on your specific circumstances. An attorney can help you determine the most efficient means of applying.
Are There Other Forms of Financial Relief for Victims of Hurricane Ida?
Yes. As the city of New Orleans explains, applying for an SBA disaster relief loan may lead you to other forms of financial coverage. Even if you aren’t approved for an SBA loan, FEMA may assist you with:
- Replacing damaged vehicles
- Replacing essential household items
- The cost of storing items temporarily
- Meeting other needs following Hurricane Ida
You may also have insurance that covers some of your most significant damages. Each form of financial assistance may have benefits and drawbacks. A property claims attorney from our firm can help you understand the benefits of various types of relief.
Is There a Deadline for Applying for an SBA Loan?
There are generally deadlines for filing for an SBA loan. FEMA may extend the application deadline for victims of a natural disaster and has already done so for victims of Hurricane Ida.
Researching deadlines for SBA loans can be confusing, if not misleading. You may want to speak with an attorney and discuss your personal circumstances. A lawyer from our team can review your case and determine if you’re eligible for a low-interest SBA loan.
Should I Hire an Attorney to Help With an SBA Loan Application?
You may want to hire an attorney for several reasons, including:
The Complexity of SBA Loans and Related Financial Relief
Any personal financial matter warrants careful consideration. When you’re considering applying for an SBA loan of significant value, an attorney can:
- Explain the terms of your SBA loan
- Explain common issues that SBA loan recipients may face
- Advise you on whether an SBA loan makes sense for you
- Help you apply for your loan
No matter how favorable the terms appear, nobody should accept any loan lightly. An attorney can ensure that you’re fully informed about any SBA loan you accept.
The Importance of Post-Hurricane Financial Relief
Victims of hurricanes like Hurricane Ida often face significant, immediate financial pressures. Waiting for relief is usually not an option. You will want to complete your SBA loan application as quickly as possible. An attorney with experience handling SBA loans may help you complete the process fast.
Your Own Time and Wellbeing
Hurricanes can cause trauma and put massive constraints on your time. While you may need the relief that an SBA loan provides, you could have little time to file your application. An attorney will take the entire application process off your hands.
It’s this simple: a qualified attorney may help you get a Hurricane Ida SBA loan.
Call the Law Offices of Anidjar & Levine for a FREE Consultation
There are no obligations when you call. Find out more about how we can assist with your SBA loan application. We have attorneys with close ties to the Louisiana area; we want to help people in the area.
Call the Law Offices of Anidjar & Levine today at 1-800-747-3733 for your free consultation. You worry about getting your life back together; we’ll handle everything else.
We Can Help.
