Message from SBA Region IV Administrator, Allen Thomas

Hurricane Season is Here.

SBA Encourages These Key Tips to be Prepared and Aware of Recovery Funding Programs

Hurricane season began June 1st. We need to be mindful that the National Oceanic and Atmospheric Administration (NOAA) has predicted an above-normal forecast for the 2022 hurricane season. This includes a range of 14 to 21 named storms, of which six to ten will become hurricanes, including three to six major hurricanes. Businesses can and are affected by weather catastrophes; from short-term power outages to rebuilding their physical structures after a hurricane. 

The first key question for storm preparation is to ask, am I document ready?  Am I aware of what documents I need for insurance or recovery programs? Are my documents safe, either in a digital form I can reach online or printed and stored in a weatherproof location. Are my documents up to date?  To be considered for an SBA disaster loan, business owners need several legal documents in place at a minimum including deeds, leases, insurance records, trusts, court orders, and tax returns. Keep these documents readily available and in a digital format whenever possible. 

Additionally, ensure up to date contacts for the insurance company; employees; customers; and suppliers. Maintain up to date key information on inventory; machine/equipment; financial systems; and accounts receivable/payable. Having this information available can be the difference between getting funded in a matter of days versus months. 

The SBA has programs to assist you with recovery after a natural disaster https://www.sba.gov/funding-programs/disaster-assistance. These include programs that provide financing to repair physical damage to businesses and residences, working capital for normal business expenses, mitigation assistance, and shortages due to the military deployment of staff. 

Keeping a business operational is a key challenge after a hurricane. It is imperative in addition to gaining knowledge; all businesses have a plan in place for when disaster strikes. Businesses should be either preparing or updating their business emergency response plans. If you have not done so, please visit https://www.ready.gov as your starting point. 

While we are using a hurricane as an example here, other disasters related to wind, flood, wildfire, earthquake, and hail damage are also covered by SBA disaster assistance. The Small Business Development Center Network, SCORE, Women’s Business Centers, and the Veterans Business Outreach Centers are local resource partners that often offer additional training and technical assistance related to disaster preparedness. Many district offices also host webinars or training sessions on the topic. Make sure to take advantage of these training opportunities whenever they are available. 

I wish you a wonderful summer of 2022. While we cannot control the weather, we can certainly impact our preparedness and contingency plans to give ourselves the peace of mind to enjoy this great season. Any questions please reach out to us at your state office or the Office of Disaster Recovery at www.sba.gov. All the best. 

Deadlines for Local Disasters are Approaching

Each year, the SBA provides billions of dollars in low-interest, long-term disaster loans to help small businesses, homeowners, and renters recover from declared disasters. Loans may cover: real estate, personal property, economic injury, machinery & equipment, inventory, and active duty military.

Learn about to apply: watch video

If you are a business owner who lives in  Autauga, Baldwin, Barbour, Bullock,
Chambers, Chilton, Clarke, Clay, Coffee, Conecuh, Coosa, Covington, Crenshaw, Dale, Elmore, Escambia, Geneva, Henry, Houston, Lee, Lowndes, Macon, Mobile, Monroe, Montgomery, Pike, Randolph, Tallapoosa and Washington AND your business was impacted by excessive rain, flooding and Tropical Storm Ida, that occurred on or about August 29, 2021, then you may be eligible for a disaster loan. The disaster injury disaster loan (EIDL) application deadline is August 8, 2022.

If you are a business owner who lives in Bibb, Blount Greene, Hale, Marengo, Tuscaloosa or Perry counties AND your business was impacted by the Tornado that occurred on February 3, 2022, then you may be eligible for a disaster loan. The disaster injury disaster loan (EIDL) application deadline is December 7, 2022. 

On July 8, SBA Administrator Isabella Casillas Guzman, declared that businesses and residents in Choctaw and Washington counties affected by severe storms, straight-line winds and tornadoes that occurred on March 30, 2022, may apply for disaster loans from SBA. The filing deadline to return applications for physical property damage is Sept. 6, 2022. The deadline to return economic injury applications is April 6, 2023.

See all disaster declarations and eligibility requirements: here

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