SBA Expands Opportunity to Apply for Physical Disaster Loans Following Hurricane Milton

Posted On: January 17, 2025

The U.S. Small Business Administration (SBA) has extended the deadline for businesses, private nonprofit organizations, homeowners, and renters impacted by Hurricane Milton to apply for Physical Disaster Loans. The new deadline to submit applications for property damage is March 7. The extended application period will provide additional time for those affected by the hurricane to seek assistance.

SBA Physical Disaster Loans offer funding for the repair or replacement of disaster-damaged real estate, machinery, equipment, inventory, and other business assets. Homeowners can apply for loans to address damage to their primary residences, while homeowners and renters can use these loans to cover personal property losses, including vehicles. Loan funds may also be used to pay insurance deductibles.

In addition, the SBA's Economic Injury Disaster Loans are available to provide working capital to businesses affected by disasters, regardless of physical damage. These loans help businesses and private nonprofit organizations to cover fixed debts, payroll, accounts payable, and other operating expenses that would have been paid if the disaster had not occurred. The deadline to apply for an Economic Injury Disaster Loan remains July 11.

To assist applicants, the SBA is operating a Business Recovery Center (BRC) at the Deltona Regional Library, 2150 Eustace Ave. The center is open from 9 a.m. to 6 p.m. Monday through Thursday and from 9 a.m. to 5 p.m. on Friday. SBA customer service representatives are available at the center to assist with completing loan applications, accepting documents for existing applications, and providing updates on application statuses. Walk-ins are welcome, but appointments can also be scheduled at appointment.sba.gov.

For more information about eligibility or to apply, visit www.sba.gov/disaster, call the SBA's Customer Service Center at 800-659-2955, or email [email protected].