On Nov. 20, SBA issued final rule on disaster assistance loan program.
SBA final rule amended SBA's regulations governing the SBA Disaster Loan Program.
It revised definition of contiguous counties, clarified timeline for governor's request to be delivered to Disaster Assistance Field Operations Center, and modernized language.
Overview
Amended 13 CFR 123.2, 13 CFR 123.3, and 13 CFR 123.4 to update disaster victims to disaster survivors, and separated definition of disaster loan from disaster declaration.
Incorporated definition of territory, and included chief executive of an Indian tribal government as an authority that can request an SBA physical disaster declaration.
Granted SBA flexibility to extend the timeframe for submitting declaration requests.
Also, increased the geographic separation between counties from 1 mile to 5 miles.
Amended the regulatory definition of contiguous counties to enable disaster assistance to reach a broader area, including Hawaii, the USVI, and the Northern Mariana Islands.
Effectiveness
Final rule is effective Jan. 21, 2025, unless a significant adverse comment is received.
Any comments on the direct final rule must be submitted no later than Dec. 20, 2024.
Rule applies for disasters declared on or after Jan. 21, 2025.
