SBA Extends Hurricane Milton Physical Disaster Loan Application Deadline to April 27

Posted On: March 3, 2025

The U.S. Small Business Administration (SBA) has again 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 April 27.

SBA Physical Disaster Loans provide funding for the repair or replacement of disaster-damaged real estate, machinery, equipment, inventory, and other business assets. Businesses and nonprofits may borrow up to $2 million to restore damaged or destroyed property. Homeowners may apply for up to $500,000 to repair or replace their primary residence. Homeowners and renters may also borrow up to $100,000 to replace personal property, including clothing, furniture, cars, and appliances. Loan funds may be used to cover insurance deductibles.

In addition, the SBA offers Economic Injury Disaster Loans to provide working capital for businesses affected by the disaster, even if they did not suffer physical damage. These loans help cover fixed debts, payroll, accounts payable, and other operating expenses that would have been met if the disaster had not occurred. The deadline to apply for an Economic Injury Disaster Loan remains July 11.