If you currently have an SBA Loan and you live in an area affected by a natural disaster, you may be entitled to relief. Hurricane, flood, wildfires, droughts, avalanches, landslides and earthquakes are just a few examples of the natural disasters that can cause the government to classify an area a natural disaster zone
The SBA disaster loan forgiveness program provides for loan forgiveness on a case-by-case basis. If you have a small business, you may qualify if your business was located in a declared natural disaster zone. If the SBA approves loan forgiveness, then you will not be legally obligated to repay the portion of your loan that was forgiven.