The U.S. Small Business Administration (SBA) has sanctioned more than $1.4 billion in federal disaster loans to aid businesses, nonprofits, homeowners, and renters in Florida impacted by Hurricane Helene, which took place from September 23 to October 7, and Hurricane Milton, which occurred from October 5 to November 2, 2024. By April 17, 2025, the allocated assistance included over $460 million to businesses under the Economic Injury Disaster Loan (EIDL) program and over $1 billion to residents.
“Surpassing $1.4 billion in disaster loans reflects more than just numbers — it represents small businesses reopening, families returning home and communities rebuilding stronger,” stated Chris Stallings, associate administrator for the SBA’s Office of Disaster Recovery and Resilience. He highlighted the loans' importance in recovery and urged those still in need to apply before the specified deadlines.
The SBA has reopened and extended the physical damage loan applications. The Economic Injury Disaster Loan (EIDL) program remains available for small businesses and private nonprofit organizations to address working capital deficits resulting from the disaster. These loans can be employed to cover fixed debts, payroll, and other expenses not paid due to the disaster, even if no physical damage occurred.
Loan amounts can reach up to $2 million with interest rates as low as 4% for small businesses, 3.25% for nonprofits, and 2.813% for homeowners and renters, with terms extending up to 30 years. Interest does not begin to accumulate, and repayments aren't due until 12 months following the initial loan disbursement. The SBA determines loan amounts and terms based on each applicant's financial situation.
Interested parties can apply online at sba.gov/disaster. Additional information is available by calling the SBA’s Customer Service Center or by utilizing email support. Telecommunications relay services are also accessible for people with hearing or speech disabilities.
The deadline for submitting applications for physical property damage is April 27, 2025. Economic injury applications are due by June 30, 2025, for Hurricane Helene and July 11, 2025, for Hurricane Milton.
The U.S. Small Business Administration supports American entrepreneurship through a network of field offices and collaborations with public and private entities, facilitating business establishment, growth, and recovery from declared disasters.