ATLANTA – The U.S. Small Business Administration (SBA) is reminding eligible small businesses,
private nonprofit (PNP) organizations, homeowners and renters in Florida, Georgia, North
Carolina, South Carolina, Tennessee, Virginia and West Virginia of the April 27 deadline to apply
for federal disaster loans to offset losses from physical damage caused by Helene and Milton.

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.

Economic Injury Disaster Loans (EIDLs) are also available and are for working capital needs
caused by the disaster even if the business or PNP did not suffer any physical damage. They may
be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

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.”

Interest rates can be as low as 4% for small businesses, 3.250% for PNPs, and 2.813% for
homeowners and renters, with terms up to 30 years. Interest does not begin to 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.

Disaster survivors should not wait to settle with their insurance company before applying for a
disaster loan. If a survivor does not know how much of their loss will be covered by insurance or
other sources, SBA can make a low-interest disaster loan for the total loss up to its loan limits,
provided the borrower agrees to use insurance proceeds to reduce or repay the loan.

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. 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 deadlines to return applications for physical property damage is April 27, 2025. The
deadlines to return economic injury applications are as follows: FL 20699, GA 20711, NC 20701 and
SC 20703 June 6, 2025; VA 20705 July 1, 2025, TN 20018 July 2, 2025, FL 20759 July 11, 2025, FL
20856 Aug. 5, 2025, and WV 20768 Sept. 9, 2025.