SBA extends damage loan application deadline hurricanes Milton, Helene
The U.S. Small Business Administration is extending the deadline to apply for physical disaster loans for damage from Hurricane Milton and Hurricane Helene.
The extension is for disaster declarations affected by the 2024 federal funding lapse Businesses, private nonprofits, homeowners and renters now have until April 27 to apply.
The disaster declaration covers Alachua, Baker, Bradford, Brevard, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Flagler, Franklin, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hernando, Hendry, Highlands, Hillsborough, Indian River, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Madison, Manatee, Marion, Martin, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, Suwannee, Taylor, Union, Volusia and Wakulla counties, as well as the Miccosukee Tribe of Indians of Florida.
The SBA says businesses and nonprofits may apply to 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. If approved, they 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.
According to the SBA, loan amounts 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 says it sets loan amounts and terms based on each applicant's financial condition.
For more information or to apply, visit sba.gov/disaster. You may also call the SBA's customer service center at 800-659-2955, or email disastercustomerservice@sba.gov.
SBA customer service representatives will also be available to answer questions and help with applications at five business recovery centers and a business resource and assessment center. Walk-ins are welcome, or you may click here to make an appointment.
The center locations are at:
Charlotte County - Port Charlotte Town Center Mall - 1441 Tamiami Trail, Port Charlotte, FL 33948
Hillsborough County - Entrepreneur Collaborative Center - 2101 E Palm Ave Tampa, FL 33605
Manatee County - Rocky Bluff Branch Library - 6750 US 301, Ellenton, FL 34222
Manatee County - Tingley Memorial Library - 111 2nd St N., Bradenton, FL 34217
Pinellas County - Epicenter at St. Petersburg College - 13805 58th St N, Clearwater, FL 33760
Volusia County - UCF Business Incubator Volusia County - 601 Innovation Way, Daytona Beach, FL 32771
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