The Exigency Order signed by Prime Minister Hubert Ingraham this week will have far reaching affects on ravaged businesses throughout the Family Islands, said Zhivargo Laing, Minister of State for Finance.
"This will absolutely help commerce," he told The Guardian Business.
"The application form is structured for businesses to be able to apply. I can't say what's going to happen in terms of the number of claims. What is important is it's a means for businesses to get back on their feet.

The Tariff Act, signed by Ingraham on Tuesday, declares an urgent need for specific goods to be given an exemption from duty. Anyone who suffered "hardship or less as a result of Hurricane Irene" are encouraged to apply for the exemption, the Act stated.
These goods include building materials, electrical fixtures, plumbing materials, furniture and appliances.
There is "no limit" to the number of claims that can be made, Laing said.
For the restaurants, shops, hotels and resorts on the Family Islands, the elimination of duties in these products will result in significant savings. On Cat Island, The Guardian Business reported widespread destruction to the local economy, and similar hardship has been felt on other Family Islands.
Evelyn Burrows, the owner of Periwinkles, lost all her clothing merchandise in the storm.
The bar and restaurant attached to the store was also heavily damaged. Storm shutters were ripped off the walls, part of the roof caved in and the rooms were flooded from ocean surges.
"I lost everything in the shop, from clothes to cosmetics," she said. "The damage is bad, but material things can be replaced over time."
According to Winston Rolle, chairman of the Bahamas Chamber of Commerce and Employers Confederation, this move by the government is a very constructive step forward.
"I think it's the right thing to do - those persons from a business perspective need to get back online as quickly as possible," he said.
"Elimination of import duties on those products will be a significant help to get them mobilized."
However, he was surprised when told Eleuthera isn't included in the list of islands permitted to file claims.
"It's based on the level of damage," he said. "Nassau wasn't affected that badly. While there is work that needs to be done, the damage wasn't of a magnitude."
"I'm surprised though about Eleuthera- because they got it quite bad as well."
Rolle said it's too early to determine how many businesses could make claims and how much they might save from the new measures. But judging by the insurance claims on the horizon, the Tariff Act could save entrepreneurs millions throughout the country.
"We're talking about a lot of money," he added.
In the Tariff Act, sections of the report detail the need for supplies in the farming and fishing industry, all of which are included in the exemptions.
Galvanized sheeting and other materials used in the construction of fishing habitats, fishing boats, nursery stock for the reestablishment of fruit orchards and irrigation systems and supplies for poultry houses are just a few of the specific items mentioned.
Long Cay, Acklins, Cat Island, San Salvador, Inagua, Rum Cay, Mayaguana and Ragged Island are listed in the Tariff Act.
"Some islands would have been hit harder," Laing pointed out.
"Their businesses would be more affected - Acklins and Cat island were the more challenged ones, so (we) can expect more applications from there, perhaps."
Rolle said he's uncertain which islands will make the most claims, mostly because communications continue to be spotty in those areas with power and communications still limping.
As these communities try and get their infrastructure back, Rolle believes, without a consistent power source, businesses throughout the country will need help.
"It really has affected everyone," he said.
"Without electricity and phones, nobody can operate in the usual manner."

Click here to read more at The Nassau Guardian