SAN DIEGO (FOX 5/KUSI) -- The atmospheric river storm and subsequent flooding in January 2024 damaged homes and businesses across Southern California and San Diego County, and many are still rebuilding. But help is still there for small businesses in need nearly a year after the historic flooding devastated entire communities. However, just last week the Small Business Administration (SBA) announced it ran out of money for the disaster assistance loans it offers small businesses, homeowners and renters after back-to-back hurricanes. Even though they are currently out of funding, the SBA is still encouraging businesses in need to apply as they can expect to receive funding once it becomes available. Small business disaster loan program is out of money until Congress approves new funds California small businesses impacted by the January 21-23, 2024, severe storm and flooding have until November 19, 2024, to apply for a Small Business Administration (SBA) federal disaster loan. The late January storm left three people dead and more than 800 homes damaged in San Diego County. Small nonfarm businesses, agricultural cooperatives, businesses engaged in aquaculture, and most private nonprofit organizations of any size in Imperial, Orange, Riverside and San Diego counties can apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster, the associate administrator for the Office of Disaster Recovery and Resilience at the Small Business Administration, Francisco Sánchez Jr., said. “Economic Injury Disaster Loans may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact. Economic injury assistance is available regardless of whether the applicant suffered any property damage,” Sánchez said. Neighborhoods still rebuilding after January 2024 flooding swept San Diego The federal disaster loans will have a 4 percent interest rate for businesses, and 3.25 percent interest rate for private nonprofit organizations, with terms up to 30 years. Loan amounts are based on each applicant’s financial condition. The Office of Disaster Recovery and Resilience said interest on those loans will not begin to accrue until 12 months from the date you received the loan. Applicants can apply online and receive additional disaster assistance information at SBA.gov/disaster. You can also call SBA’s Customer Service Center at 800-659-2955 or email [email protected] for more information on SBA disaster assistance. As of Oct. 15, 2024, funds for the Disaster Loan Program have been fully expended in the wake of the destruction caused by Hurricanes Helene and Milton. However, applications will continue to be accepted and processed until Congress appropriates additional funding.