There’s still time to apply for Hurricane Helene relief

Deadlines to apply for a loan from the U.S. Small Business Administration are approaching soon.

SBA spokesperson Julie Garrett said people can obtain the low-interest disaster loan to help offset recovery and rebuilding costs that the Federal Emergency Management Agency and insurance don’t cover.

But don’t be fooled by the name. The SBA loans aren’t just for small businesses, homes and personal property are also covered. 

“Landscaping, debris removal, walkways, fences, decks, your porch, your garage, or shed,” Garrett said. “Any of that that got damaged and you haven’t been able to find funding to repair that, that would be eligible for you to apply for.”

“If you have a really hefty deductible and your insurance company is taking that out of your settlement, you can make up the difference with an SBA disaster loan,” she added.

While FEMA provides grants for homeowners and renters, its caps are much lower than what the SBA program provides.

Loan applicants can receive up to $100,000 for personal property, $500,000 for real estate, and up to $2 million for businesses, including economic losses and physical damages.

Garrett said it typically takes about 2 to 3 weeks to process the loan, and another few days to sign closing documents and get money into people’s accounts.

But she added there’s a small issue in getting people the disaster relief they need, there’s no funding available. First, Congress must appropriate more funding for the loan program. 

Republican U.S. Rep. Laurel Lee said the SBA exhausted its available funds earlier than expected this year after back-to-back storms.

“The storms that we had this season that were so severe and one right after another hurt so many families and communities in our area,” Lee said. “So there are many of our neighbors who still are not able to move back home and still in need of assistance just for daily living.”

Lee joined a bipartisan group of over 30 lawmakers on Nov. 13 in writing a letter to U.S. Sen. Chuck Schumer, Sen. Mitch McConnell, Speaker of the House Mike Johnson, and U.S. Rep. Hakeem Jeffries asking for additional disaster money.

“While (hurricane) victims remain able to apply for disaster loans and SBA (can) review those applications, we are deeply concerned that SBA has announced it will no longer be able to make offers of assistance until additional funds are appropriated,” the letter said.

Just a few days later, President Joe Biden wrote a letter to Congress asking for more than $98 billion in emergency relief.

“Most urgently, the Small Business Administration’s disaster loan program has completely exhausted its funding and the Congress must act as soon as possible to restore this funding,” Biden wrote. “SBA has already received over 100,000 loan applications for Hurricanes Helene and Milton, and the American people cannot afford any further delay in the restoration of this vital funding.”

Now, Lee said lawmakers on both sides of the aisle will review Biden’s request and work together to get aid and relief out as quickly as possible. 

“Part of our job in Congress is to make sure that we add additional funding there so that those who are affected by these storms can still access SBA loans as a resource,” she said.

But Democrat U.S. Rep. Kathy Castor said the holdup on funding is because Republicans have been uncooperative in approving a budget. 

“The fiscal year, started Oct. 1, and they were very opposed to beefing up the disaster recovery fund under FEMA and making sure SBA had the funds that it needed to continue to provide loans so that that’s really devastating,” she said.

Congress is adjourned for the Thanksgiving holiday but will be back in December.

“I’m confident the money will come, I’m just worried that all of these delays have caused unnecessary damage to so many of our neighbors and their businesses,” Castor said. “It shouldn’t be this way.”

Both Lee and Castor say they are hopeful something will get passed next month. 

Garrett said even though the SBA funding isn’t available today, if people apply and get the process started, it will be easier to distribute the funds once it’s made available. 

People who sustained damage from Hurricane Helene or Hurricane Milton have until Jan. 7, 2025, to apply for aid.