Small Business

SBA Reopens Deadlines for Physical Damage Loans in Disaster- Affected Areas Impacted by the 2024 Federal Funding Lapse

Milton relief still available for Florida Businesses and Residents

ATLANTA – The U.S. Small Business Administration (SBA) is extending the physical damage loan

deadline for disaster declarations affected by the 2024 federal funding lapse. The new deadline to

apply is April 27, 2025. The disaster declaration covers the Seminole Tribe of Florida.

Businesses and nonprofits are eligible to apply for business physical disaster loans and may

borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery

and equipment, inventory, and other business assets.

Homeowners and renters are eligible to apply for home and personal property loans and may

borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and

appliances. Homeowners may apply for up to $500,000 to replace or repair their primary

residence.

Applicants may also be eligible for a loan increase of up to 20% of their physical damages, as

verified by the SBA, for mitigation purposes. Eligible mitigation improvements include

strengthening structures to protect against high wind damage, upgrading to wind rated garage

doors, and installing a safe room or storm shelter to help protect property and occupants from

future damage.

“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.”

The loan amount can be up to $2 million with interest rates as low as 4% for small businesses,

3.25% for PNPs, and 2.813% for homeowners and renters, with terms up to 30 years. Interest does

not accrue, and payments are not due, until 12 months from the date of the first loan

disbursement. The SBA sets loan amounts and terms based on each applicant’s financial

condition.

To apply online, visit SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at

(800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster

assistance. In Orlando, there is a Business Recovery Center set up at Barnett Park  located at 4801 W

Colonial Dr Park Gym, Orlando, FL 32808, where applications are being accepted Monday through Friday

from 9:00 AM to 5:00 PM EST.

The application deadlines are:

  • April 27, 2025 – Physical damage loans for structural repairs
  • June 27, 2025 – Economic Injury Disaster Loans (EIDL) for financial hardships

For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1

to access telecommunications relay services.

The filing deadline to return applications for physical property damage is April 27, 2025.

Read Hurricane Milton Storms Through Florida; Winds Up To 120 mph

Rhetta Peoples

Digital Editor at The Florida Sun + CEO of Creative Street Marketing & Public Relations Group

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