Many of the inshore fisherman, crabbers and bait fishermen have suffered significant losses compared to the same time last year. Bush's letter relied on information developed by Collins' office, which documented dramatic business losses in September and October as compared to last year. Collins surveyed selected maritime businesses to collect his economic data. The recent outbreak of red tide has killed many fish in Choctawhatchee Bay and the Gulf. The fish die from respiratory paralysis caused by a toxin given off by the microscopic algae dinoflagellate.
Tests show red tide levels in the area have decreased in the last week to almost normal levels.
Collins said preliminary indications were that the disaster declaration would be made, making businesses eligible for interest that caps at 4 percent. Collins said there are limitations on what the loan money can be spent on. Federal regulations control what expenditures are authorized and businesses interested in the loan program should check with SBA officials to see how the money can be used. For example, Collins said, restrictions apply to maintenance expenditures, but exceptions exist for maintenance that will keep an asset such as a boat from degrading. Because Hurricanes Earl and Georges could have skewed earning for last year, making it harder to show the requisite loss, some adjustment may have to be made.