The U.S. Small Business Administration (SBA) has announced an extension for the deadline to apply for physical damage loans related to disaster declarations impacted by the 2024 federal funding lapse. The new deadline is set for April 27, 2025.
This extension applies to several counties in South Carolina, including Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland Saluda Spartanburg Union and York as well as the Catawba Indian Nation. These areas are eligible for both physical damage and Economic Injury Disaster Loans (EIDLs). Additionally small businesses and private nonprofit organizations in adjacent counties across South Carolina Georgia and North Carolina can apply solely for EIDLs.
Businesses and nonprofits can borrow up to $2 million through business physical disaster loans to repair or replace damaged or destroyed assets. Homeowners and renters have access to home and personal property loans with borrowing limits of up to $100000 for personal property replacement or repair while homeowners may apply for up to $500000 for primary residence repairs.
Eligible applicants might also qualify for a loan increase of up to 20% of their verified physical damages specifically aimed at mitigation improvements such as strengthening structures against high winds upgrading garage doors or installing safe rooms.
"One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage," stated Chris Stallings associate administrator of the Office of Disaster Recovery and Resilience at the SBA. "I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s mitigation loans."
Loan amounts can reach $2 million with interest rates starting at 4% for small businesses 3.25% for private nonprofits (PNPs) and 2.813% for homeowners and renters over terms extending up to 30 years. Interest does not accrue nor are payments due until one year after the first disbursement.
Recent changes in FEMA’s Sequence of Delivery now advise survivors to apply concurrently for FEMA grants alongside SBA low-interest disaster loan assistance aiming at comprehensive recovery efforts.
Applications can be submitted online via SBA.gov/disaster while additional information is available through SBA's Customer Service Center at (800) 659-2955 or by emailing disastercustomerservice@sba.gov. Telecommunications relay services are accessible by dialing 7-1-1.
The final date for submitting applications concerning physical property damage remains April 27 2025.