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The SBA is particularly concerned about scam emails targeting applicants of the SBA's Economic Injury Disaster Loan Program asking them to verify their accounts using a third-party online platform to collect personally identifiable information.

SBA disaster loans can be used to replace the following items damaged or destroyed in a declared disaster: real estate, personal property, machinery and equipment, and inventory and business assets.

Once application is completed, it will be placed in a virtual queue for processing by a loan officer. Once loan is approved, estimates are that it should take approximately 5-7 business days for funds to become available.

Disaster preparedness provides a platform to design effective, realistic and coordinated planning, reduces duplication of efforts and increase the overall effectiveness of National Societies, household and community members disaster preparedness and response efforts.

When it comes to SBA disaster loan credit score requirements, there's no hard and fast minimum credit score for approval. However, the SBA usually wants to see a credit score of 620 or higher. If person aren't quite at the 620 mark, person might still qualify for a disaster loan.

To have a disaster loan forgiven one would need use the funds for the following I.e, paid leaves, payroll maintenance, increased costs of materials, mortgage, or rent payments or lease.