In October, the U.S. Small Business Administration's disaster loan program ran out of money. Now that Congress has restored the funds, applications are open again, and Sunday, April 27 is the new deadline to make up for the lost time, according to an SBA spokesperson.
Businesses and nonprofits are eligible to apply and could borrow up to $2 million for repairs or replacements for machinery and equipment.
Homeowners and renters can apply for personal property loans and borrow up to $100,000 to replace or repair things like clothing, furniture, and cars.
Applicants may also be eligible for a loan increase of up to 20% of their physical damages for mitigation purposes, pending verification by the SBA. They include installing a safe room or storm shelter, and reinforcing garage doors against high winds. To apply online, visit sba.gov/disaster.
