The U.S. Small Business Administration (SBA) has announced an extension for the deadline to apply for physical damage loans in areas affected by the 2024 federal funding lapse. The new deadline is set for April 27, 2025.
This extension applies to disaster declarations covering the Seminole Tribe of Florida. Businesses and nonprofits can apply for business physical disaster loans, with a borrowing limit of up to $2 million. These funds can be used to repair or replace damaged or destroyed real estate, machinery, equipment, inventory, and other business assets.
Homeowners and renters are also eligible for loans. They may borrow up to $100,000 to replace or repair personal property such as clothing, furniture, cars, and appliances. Homeowners specifically may apply for up to $500,000 to address damages to their primary residence.
Applicants could qualify for a loan increase of up to 20% of their verified physical damages from the SBA for mitigation purposes. Mitigation improvements include strengthening structures against high winds, upgrading garage doors to wind-rated models, and installing safe rooms or storm shelters.
"One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage," said 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 up to $2 million with interest rates starting at 4% for small businesses, 3.25% for private non-profit organizations (PNPs), and 2.813% for homeowners and renters. Loan terms can extend up to 30 years with no interest accrual or payments due until 12 months after the first disbursement date. The SBA determines loan amounts and terms based on each applicant's financial condition.
Applications can be submitted online at SBA.gov/disaster. Additional information is available through SBA’s Customer Service Center at (800) 659-2955 or via email at 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.