from Florida Realtor Magazine, September 2007 | page 6
Resources Real Estate Tools
SBA Extends Disaster Loan Deadline
Is your business still feeling the aftermath of one of the hurricanes that struck Florida two years ago? The U.S. Small Business Administration (SBA) has announced an extension for companies located in disaster areas [see “Qualifying Counties” at right] following the 2005 storms: hurricanes Dennis, Katrina, Rita and Wilma. The deadline for low-interest Economic Injury Disaster Loan (EIDL) applications has been extended to Dec. 31, 2007.
A bill signed into law by President Bush on May 25 authorizes the SBA to offer EIDLs to Gulf Coast small-business owners who suffered economic injury in the aftermath of the four hurricanes that devastated the region two years ago. The working-capital disaster loans have a cap of $1.5 million at a 4 percent interest rate with terms up to 30 years. Businesses that received EIDL loans in the earlier application period must count those loans toward the overall $1.5 million cap. Only small businesses operating during the storms are eligible.
“The widespread devastation caused by these storms continues to impact the economic recovery of the region,” says SBA Administrator Steven Preston.
Compare Insurance Costs Florida homeowners and buyers can now find insurance cost comparison information on a state-run Web site, www.ShopAndCompareRates.com, which creates a fictional house and then shows how much it would cost to insure, by company and county, based on rate filings submitted to the Florida Office of Insurance Regulation.
“This site is a valuable tool and serves as a starting point to help Floridians find the insurance policy best suited to their needs,” says Gov. Charlie Crist.”
The site lists standard yearly insurance premiums to cover a five-year-old concrete block home, with a current replacement value of $150,000, a $500 nonhurricane deductible, a 2 percent hurricane deductible, no claims and no wind-mitigation discounts. Users can compare rates offered by competing companies working in a given county, sorted from lowest to highest cost, with a link to each company’s information.
Economic Injury Disaster Loan (EIDL) assistance is available only to small businesses to help them cover ordinary expenses the company would’ve been able to handle if the disaster had not occurred. Counties within the declared disaster area in Florida include:
Bay Brevard Broward Collier Dixie Escambia Franklin Glades Gulf Hendry Indian River Lee Martin Miami-Dade Monroe Okaloosa Okeechobee Palm Beach St. Lucie Santa Rosa Taylor Wakulla Walton