SBA South Carolina Disaster Declaration

On Jun. 3, SBA published an administrative declaration of disaster SC.

  • SBA issued a disaster declaration for South Carolina due to severe storms on Apr. 20.
  • Physical loans, Economic injury disaster loans (EILDs) available to impacted counites.
  • Eligibility
  • Primary county York and contiguous counties Cherokee, Chester, Lancaster, and Union.
  • Also, aid is available to Cleveland, Mecklenburg, Gaston counties in North Carolina.
  • Application Deadlines
  • Physical loan applications due Jul. 29, 2024; EIDL applications due Feb. 28, 2025.
  • Jun. 2024, SC LEG SBA Approves Request
  • On Jun. 3, 2024, SC LEG reported that SBA had approved the governor's request for disaster assistance for those who were impacted by Apr. 20, 2024, severe weather.
  • For small businesses, agricultural cooperatives, businesses engaged in aquaculture and most private nonprofits, SBA offers Economic Injury Disaster Loans (EIDLs).
  • EIDLs are intended to help meet working capital needs caused by the disaster.
  • Available regardless of whether the business suffered any physical property damage.
  • Loans up to $500k available to homeowners to repair damaged real estate; home-owners, renters eligible for loans up to $100k to repair damaged personal property.
  • Applicants may be eligible for loan amount increase of up to 20% of physical damages. for mitigation purposes, like safe room or storm shelter, sump pump, French drain.

Regulators SBA; SC LEG
Entity Types CNSM; Corp
Reference SC LEG: PR, 6/3/2024; SBA: 89 FR 47681, 6/3/2024; Disaster Declaration: #20305, 20306, SC-20005;
Functions BCS; Compliance; Financial; Operations; Reporting
Countries United States of America
Products Corporate; Loan; Mortgage
Regions Am
Rule Type Final
Rule Date 6/3/2024
Effective Date 7/29/2024
Rule Id 214379
Linked to N/A
Reg. Last Update 6/3/2024
Report Section US Investment

Last substantive update on 06/06/2024