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 disaster declaration includes several counties in Florida, as well as the Miccosukee Tribe of Indians of Florida. Businesses and nonprofits can apply for business physical disaster loans up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory, and other assets. Homeowners and renters are eligible for loans up to $100,000 for personal property repairs and up to $500,000 for primary residence repairs.
Applicants may also qualify for a loan increase of up to 20% of their verified physical damages for mitigation purposes. "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.
Interest rates are as low as 4% for small businesses, 3.25% for private nonprofit 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.
SBA customer service representatives will be available at five Business Recovery Centers and a Business Resource and Assessment Center across various locations in Florida to assist applicants with their loan applications.
With changes in FEMA’s Sequence of Delivery, survivors are encouraged to apply simultaneously for FEMA grants and SBA low-interest disaster loans. FEMA grants cover necessary expenses not paid by insurance or other sources, while SBA loans aim at long-term recovery.
Applications can be submitted online at SBA.gov/disaster or through SBA’s Customer Service Center via phone or email. The filing deadline remains April 27, 2025.