The U.S. Small Business Association (SBA) announced they will be rolling out major changes to increase support for disaster survivors and small businesses.
The agency will be increasing the caps for its home disaster loan program to ensure there is sufficient funding to help survivors rebuild their homes, reopen businesses and replace personal property. In addition, the rule modifications will ensure that disaster loans are "more flexible and affordable" and available for small businesses, nonprofits, renters, and homeowners.
SBA administrator Isabella Casillas Guzman said the changes will become effective for all disasters declared on or after July 31, 2023.
“The Biden-Harris Administration has prioritized maximizing resources for disaster survivors so that they can successfully recover and build resilience to the effects of climate change that have led to more frequent and costly natural disasters,” Guzman said.
Mitigation assistance through the SBA will also be extended to other types of hazards outside of a "declared disaster event."
"Communities are often under threat from multiple types of hazards, including hurricanes, floods, tornadoes, wildfires, earthquakes, and more," the statement read. "Today’s announcement will ensure that property owners can use their disaster loan funds to rebuild stronger and more resilient against multiple types of hazards and not just against a single threat."
For more information on disaster assistance from the SBA, click here.
Check the document below for a full list of key changes.
