The U.S. Small Business Administration (SBA) has announced an extension for the physical damage loan application deadline in areas affected by the 2024 federal funding lapse. The new deadline is set for April 27, 2025. This extension applies to numerous counties including Appling, Atkinson, Bacon, Ben Hill, and many others.
Eligible businesses and nonprofits can apply for business physical disaster loans of up to $2 million to repair or replace damaged real estate and other assets. Homeowners and renters may apply for home and personal property loans with limits of $100,000 for personal property and $500,000 for primary residences.
Applicants may qualify for a loan increase of up to 20% of their verified physical damages for mitigation purposes. Improvements could include strengthening structures against high winds or installing 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.
Loan amounts can reach $2 million with interest rates starting at 4% for small businesses, 3.25% for private nonprofit organizations (PNPs), and 2.813% for homeowners and renters over terms up to 30 years. Interest does not accrue until one year after the first disbursement.
SBA customer service representatives are available at several Business Recovery Centers across Georgia to assist applicants with questions about the disaster loan program and help them complete applications. Walk-ins are accepted at these centers, though appointments can be scheduled in advance online.
With changes in FEMA’s Sequence of Delivery process, survivors are encouraged to apply simultaneously for FEMA grants and SBA low-interest disaster loans as part of their recovery strategy.
Applications can be submitted online at SBA.gov/disaster or by contacting SBA's Customer Service Center. The final date to file applications for physical property damage remains April 27, 2025.