SBA Extends Deadline for Physical Damage Loans

Lake County — The U.S. Small Business Administration is extending the physical damage loan deadline for disaster declarations affected by the 2024 federal funding lapse. The new deadline to apply is April 27, 2025.

Lake County is among the counties covered by the disaster declaration and the extension. Visit https://www.sba.gov/funding-programs/disaster-assistance for more information.

Businesses and nonprofits can apply for business physical disaster loans. They may 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 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.