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.
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