ATLANTA -The U.S. Small Business Administration (SBA) has announced the addition of more counties to the Virginia Presidential disaster declaration resulting from Tropical Storm Helene, giving more businesses and residents eligibility to apply for SBA’s low-interest disaster loan program.
On Oct. 15, 2024, it was announced that funds for the Disaster Loan Program have been fully expended. While no new loans can be issued until Congress appropriates additional funding, we remain committed to supporting disaster survivors. Applications will continue to be accepted and processed to ensure individuals and businesses are prepared to receive assistance once funding becomes available. Applicants are encouraged to submit their loan applications promptly for review in anticipation of future funding.
With this addition, the disaster declaration covers Bedford, Bland, Carroll, the Independent City of Galax, Giles, Grayson, Montgomery, Pittsylvania, Pulaski, the Independent City of Radford, Russell, Scott, Smyth, Tazewell, Washington, Wise, and Wythe in Virginia which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Amherst, the Independent City of Bristol, Buchanan, Botetourt, Campbell, Craig, the Independent City of Danville, Dickenson, Floyd, Franklin, Halifax, Henry, Lee, the Independent City of Lynchburg, Patrick, Rockbridge and Roanoke in Virginia; Harlan, Letcher and Pike in Kentucky; Alleghany, Ashe, Caswell, Rockingham, and Surry in North Carolina; Hancock, Hawkins, Johnson and Sullivan in Tennessee; and McDowell, Mercer, Monroe, and Summers in West Virginia.
Do not wait to settle with your insurance company before applying for an SBA disaster loan. If you do not know how much of your loss will be covered by insurance or other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits, provided you agree to use insurance proceeds to reduce or repay the loan.
With the changes to FEMA’s Sequence of Delivery, survivors are now encouraged to simultaneously apply for FEMA grants and the SBA low-interest disaster loan assistance to fully recover. FEMA grants are intended to cover necessary expenses and serious needs not paid by insurance or other sources. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. Do not wait on the decision for a FEMA grant; apply online and receive additional disaster assistance information at sba.gov/disaster.
Applicants may also call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
The filing deadline to return applications for physical property damage is Dec. 2, 2024. The deadline to return economic injury applications is July 1, 2025.
Small Business Administration
