SBA Disaster Assistance

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2 SBA Disaster Assistance U. S. Small Business Administration DISASTER ASSISTANCE Federal Disaster Loans for Businesses of All Sizes, Most Private Nonprofit Organizations, Homeowners and Renters

3 Contents Preparing for Disaster How Disasters are Declared Types of Disaster Declarations SBA s Disaster Loan Program

4 Preparing for Disaster

5 Disaster Preparedness Tips for Businesses 5

6 Small Business Losses 25 percent of businesses that close after a disaster never reopen - Institute for Business and Home Safety 6

7 Facilities/Operations What if your business had to close down for several days after a disaster? 7

8 Facilities/Operations Develop a plan to stay in operation if your business space is unusable Assess the internal and external functions of your company to determine what you need to stay open 8

9 Facilities/Operations Keep extra supplies of hard-to-replace items your business needs to stay open at an off-site location Buy a back-up generator to keep your power running 9

10 Insurance Do you have enough insurance to get your business back in operation? Review your policy to make sure you understand what isn t covered 10

11 Insurance Consider Business Interruption Insurance Covers operating expenses in the event of a business shutdown Business Interruption Insurance also compensates you for lost income 11

12 Insurance Most insurance policies don t cover flood damage For information on flood insurance, visit the National Flood Insurance Program s website at: 12

13 Insurance After the disaster, your insurance company will need accurate documentation of your business assets Regularly photograph or videotape your facility, and its contents 13

14 Protecting Vital Information Arrange for off-site backup and storage of vital records and information Computer data should be backed up routinely Consider professional information protection and storage companies to provide data protection solutions 14

15 Communications A communications plan is key to your post-disaster recovery strategy 15

16 Communications Phone numbers and addresses for your suppliers, employees, customers, the local media, utility companies and emergency responders should be updated regularly Copies of the contact list should be kept by a key employee and a backup person It s a good idea to also designate an out-ofregion contact to serve as a Message Center 16

17 Communications The Message Center will use phone and to support crucial post-disaster communications 17

18 Communications Head off rumors of business failure Appoint a spokesperson to inform the local media, suppliers, your customers and others about your company s operations and recovery 18

19 Additional Resources To learn how to develop your business disaster plan, visit: or call BE-READY for free brochures The Institute for Business and Home Safety (IBHS) has an Open for Business toolkit. Visit them at: Ready Rating is an American Red Cross program that helps businesses, schools and organizations become prepared for disasters and other emergencies. Visit them at: 19

20 What s New? DisasterAssistance.gov is a secure, user-friendly website that consolidates information about federally funded government assistance to disaster victims After answering a short, online questionnaire, DisasterAssistance.gov helps identify forms of assistance for which applicants may qualify 20

21 How Disasters are Declared

22 Assessing Damages After a Disaster After a disaster, the state may request a Preliminary Damage Assessment (PDA) from either: The Federal Emergency Management Agency (FEMA) or The U.S. Small Business Administration (SBA)

23 Preliminary Damage Assessment (PDA) When the state requests a Presidential PDA from FEMA, SBA participates with FEMA, state and local agencies to assess the damages

24 Preliminary Damage Assessment (PDA) When the state requests an SBA-only PDA for an Agency declaration, SBA conducts the survey with state and local officials to assess the damages FEMA does not participate

25 Types of Disaster Declarations

26 Types of SBA Disaster Declarations Physical damage/economic Injury Presidential (Individual and/or Public Assistance) Administrative (Agency) Economic Injury Governor s Certification Secretary of Agriculture Secretary of Commerce Military Reservist

27 Presidential Disaster Declaration In a Presidential Declaration, many Federal agencies provide assistance FEMA is the coordinating agency and delivers assistance, including: Individual Assistance (IA) - provides aid for temporary housing, serious needs & necessary expenses for individuals and households Public Assistance (PA) - provides aid to state and local governments for infrastructure

28 Presidential Disaster Declaration (IA) Presidential Declarations for Individual Assistance (IA) When the President declares a Major Disaster for IA, SBA s disaster loan program is activated for businesses of all sizes, most private nonprofit organizations, homeowners and renters President Barack H. Obama

29 Presidential Disaster Declaration (PA) Presidential Declarations for Public Assistance (PA) When the President declares a Major Disaster for PA, SBA s disaster loan program is activated only for certain private nonprofit organizations that provide essential services of a governmental nature President Barack H. Obama

30 Presidential Declarations SBA Eligibility IA Presidential Declaration SBA disaster loans for Physical Damage and Economic Injury are available in the Primary counties SBA disaster loans for Economic Injury are available in the Contiguous (neighboring) counties PA Presidential Declaration SBA disaster loans are only available to private, nonprofits in the primary counties

31 Administrative or Agency declaration For smaller disasters, SBA s Administrator can issue an SBA only declaration (called an Administrative or Agency declaration) This activates SBA s physical and economic injury disaster loan programs SBA Administrator Maria Contreras-Sweet

32 Administrative or Agency declaration SBA makes an Agency physical disaster declaration at the request of the state, and based on surveyed documentation of at least 25 businesses and/or homes that each sustained at least 40% uninsured property damage/losses

33 Declaration Differences In an SBA Administrative/Agency declaration SBA disaster loans for property damage and economic injury are available in both the primary and contiguous counties * In presidential declarations SBA property damage loans are available only in primary counties

34 Governor s Certification When a Governor certifies that at least five (5) small businesses in a disaster area have suffered substantial economic injury as a result of a disaster, and need financial assistance not available on reasonable rates & terms, SBA activates its Economic Injury Disaster Loan (EIDL) program for specified primary and contiguous counties

35 Secretary of Agriculture Declarations When the Secretary of Agriculture designates an agricultural disaster, SBA activates its Economic Injury Disaster Loan (EIDL) program for the specified primary and contiguous counties

36 Secretary of Commerce Declarations When the Secretary of Commerce makes a commercial fishery failure or fishery resource disaster under Section 308(b) of the Interjurisdictional Fisheries Act of 1986, SBA activates its Economic Injury Disaster Loan (EIDL) program for the specified primary and contiguous counties

37 Economic Injury Disaster Loans (EIDLs) Are available to small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations (PNPs) Help meet working capital needs caused by the disaster, even if the business did not have physical damage Help small businesses meet ordinary and necessary operating expenses/debts until they recover from the disaster

38 Military Reservist EIDL (MREIDLs) If an eligible small business, without credit available elsewhere at reasonable rates & terms, is unable to meet its ordinary and necessary operating expenses because an essential employee is called-up to active duty as a military reservist, the owner(s) of the small business may apply for an MREIDL This program covers the entire United States and its territories

39 SBA Disaster Loan Program

40 SBA s Role in Disaster Recovery After an SBA disaster declaration for hurricanes, floods, tornadoes, earthquakes, wildfires and other disasters, SBA disaster loans are the primary source of federal assistance to help private property owners pay for disaster losses not covered by insurance or other recoveries SBA offers low-interest federal loans to businesses of all sizes, private nonprofit organizations, homeowners and renters

41 Disaster Loans Help Recovery By providing disaster assistance in the form of loans, SBA helps reduce federal disaster costs compared to other forms of assistance, such as grants These loans require borrowers to maintain appropriate hazard and flood insurance, reducing the need for future federal assistance SBA s disaster loans are a critical source of economic stimulation in disaster-ravaged communities

42 Disaster Loans Help Recovery They help spur employment and stabilize tax bases by protecting jobs Disaster losses are unexpected and create financial hardships for most disaster victims SBA s low-interest, long-term Federal disaster loans help make recovery affordable

43 Making Recovery Affordable The law gives SBA several powerful tools to make disaster loans affordable: Low interest rates, generally 4% for businesses about 3% for nonprofit organizations about 2% for homeowners/renters Long terms (up to 30 years) Refinancing of prior debts (in some cases)

44 SBA s Office of Disaster Assistance (ODA) SBA s Disaster Loan Program Is administered through SBA s Office of Disaster Assistance (ODA) Is SBA s largest direct loan program and SBA s only program for entities other than small businesses

45 Not Just for Small Businesses For physical damages from a declared disaster, SBA s disaster loans are available to more than just small businesses SBA disaster loans are available to: Nonfarm businesses of all sizes Private, non-profit organizations Homeowners Renters

46 Current Interest Rates Interest Rates for disasters occurring on or after January 20, 2015: Business EIDL Nonprofit Home No Credit Available 4.00% 4.00% 2.625% 1.813% Credit Available * 6.00% N/A 2.625% 3.625% The majority of SBA disaster loans are at the lower interest rates Credit available elsewhere means that the disaster victim can provide for their own recovery through private sector borrowing on reasonable rates and terms without causing financial hardship, as determined by SBA

47 SBA Loan Requirements Requirements for loan approval: Eligibility - damaged property must be in a declared county Credit History - Applicants must have a credit history acceptable to SBA Repayment - Applicants must show the ability to repay all loans

48 Loan Eligibility Restrictions Only uncompensated losses are eligible Disaster losses not compensated by insurance or other recoveries, such as grants, reimbursement by another party, settlement of a lawsuit, etc. Applicants are not eligible if they have not complied with the terms of previous SBA loan agreements e.g. failure to maintain required insurance

49 Loan Terms SBA determines the term of each loan in accordance with each borrower s repayment ability The maximum term is 30 years

50 Disaster Business Loan Limits Business Repair/Replace: Real Estate/Machinery/Equip. Furniture and Fixtures Working capital Economic Injury (EIDL) $2.0 Million $2.0 Million (Combined loan limit cannot exceed $2.0 Million)

51 Disaster Business Loan Limits A business loan may be increased for mitigation (preventative measures) by up to 20% of the verified loss The $2.0 million statutory limit applies to the total of all loans to a single borrower and its affiliates SBA may waive the statutory limit if a business is a Major Source of Employment

52 Loan Eligibility Restrictions The following types of businesses are not eligible for EIDLs: Speculative businesses Multi-level sales organizations (pyramids) Hobby Businesses

53 Disaster Home Loan Limits Home Repair/Replace: Real Estate up to $200,000 Personal Property up to $ 40,000 Refinancing up to $200,000 Mitigation 20% of verified loss

54 Refinancing For substantially disaster-damaged businesses and homes, SBA may refinance recorded liens on real estate, and/or machinery & equipment Liens eligible for refinancing include: Business loans - real estate and chattel (UCC filing) liens Home loans - real estate liens only Refinance eligibility cannot be determined until insurance settlements are final Existing Federal loans are not eligible for refinancing

55 Collateral Requirements Physical loans Over $14,000 for Agency declarations Over $25,000 for Presidential IA declarations EIDLs Over $25,000 require collateral SBA takes real estate as collateral when it is available SBA will not decline a loan for lack of collateral; but, SBA requires that borrowers pledge available collateral

56 Insurance Requirements SBA requires borrowers to obtain and maintain appropriate insurance as a condition of most loans Hazard insurance Is required on all secured loans Flood insurance - Is required for properties located in a Special Flood Hazard Area (SFHA), and for properties damaged in a flood disaster

57 Three Ways to Apply Apply online using SBA s secure Web site Apply with an SBA representative at any designated center in the declared disaster area Apply by mailing a completed paper application to SBA

58 Online Complete the application online using SBA s Electronic Loan Application (ELA) at:

59 At a Center SBA representatives provide personal service at: Disaster Recovery Centers SBA Disaster Loan Outreach Centers SBA Business Recovery Centers No appointment is necessary

60 At a Center SBA representative meet personally with individuals at the centers to answer questions about SBA s disaster loan program, explain the application process and help each individual complete their application online

61 Mail a completed application to SBA U.S. Small Business Administration Processing and Disbursement Center Kingsport Road Fort Worth, Texas,

62 For Additional Information U. S. Small Business Administration Disaster Assistance Customer Service Center Phone: (800) TTY: (800) or - Visit our Web site at:

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