On February 8, 2024, the U.S. Small Business Administration reminded Florida businesses and other eligible organizations that applications for federal working-capital loans tied to Hurricane Ian were due February 28. The storm had struck on September 28–29, 2022, so the notice put a fixed deadline on assistance for losses still linked to the disaster nearly 17 months later. [story-s1]
The declaration covered primary and adjacent Florida counties. SBA said its Economic Injury Disaster Loan program was open to eligible farm-related and nonfarm-related entities that suffered financial losses directly because of the hurricane. It specifically excluded agricultural producers, farmers, and ranchers, except aquaculture enterprises. [story-s1]
The release said eligible small businesses could receive up to $2 million, at a stated interest rate of 3.04 percent; private nonprofits faced a stated rate of 1.875 percent. Terms could extend to 30 years, with SBA setting each applicant’s amount and terms based on financial condition. The funds could cover fixed debts, payroll, accounts payable, and other bills that would have been paid absent the disaster—not lost sales or profits. For affected firms, the notice’s practical message was narrow but consequential: the program remained open, but only for qualifying disaster-related financial injury, and the application window was about to close. [story-s1]
Source documents
- SBA Deadline Approaching for Working Capital Loans in Floridahttps://legacy.sba.gov/article/2024/02/08/sba-deadline-approaching-working-capital-loans-florida