Loan recipients encouraged to apply for additional help
In the wake of Hurricanes Helene and Milton, the Small Business Administration (SBA) has loaned over $1.4 billion to help residents, business owners, nonprofits, and renters affected by the storms. Chris Stallings, associate administrator for the SBA's Office of Disaster Recovery and Resilience, said that this amount is more than just a number. It represents businesses reopening, families returning home, and communities getting stronger. There is still time to apply.
Physical Damage Loans
- Hurricanes Helene and Milton application deadline: April 27, 2025
- Although the deadline has passed, the SBA offers a 60-day grace period to apply for Physical Damage Loans
Economic Injury Disaster Loans (EIDL)
- Hurricane Helene EIDL application deadline: June 30, 2025
- Hurricane Milton EIDL application deadline: July 11, 2025
- The EIDL program is available to private nonprofits and small businesses for working capital needs caused by either storm and regardless of physical property damage
Mitigation funding
Business owners, nonprofits, residents, and renters who have already received SBA physical damage loans are encouraged to apply for additional SBA assistance, this time for mitigation purposes. Loan recipients have up to two years from their loan approval date to apply for an increase of up to 20% of their verified physical damages to cover the cost of mitigation improvements. For more information, visit SBA's Mitigation assistance page.
Eligible mitigation projects may include:
- Landscaping to improve drainage
- Installation of French drain or sump pump
- Strengthening structures to protect against wind damage
Stallings encourages residents and business owners to take this opportunity to improve their storm readiness and take advantage of SBA loan opportunities.
For more information or to apply:
Visit: sba.gov/disaster
Call SBA's Customer Service Center: (800) 659-2955
Email: disastercustomerservice@sba.gov
Prefer in person support? Visit the Business Recovery and Assessment Center (BRAC) located at the Entrepreneur Collaborative Center (ECC), 2101 E. Palm Ave., Tampa, FL 33602. Office hours are Monday - Thursday, 8 a.m. - 4p.m., and Friday, 8 a.m. - 2 p.m.
About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit SBA's website.