The U.S. Small Business Administration (SBA) announced the availability of low-interest physical disaster loans has been extended. The new deadline for filing applications for physical damage loans is July 22, 2025.
The declaration covers the counties of Covington, Grenada, Issaquena, Itawamba, Jefferson Davis, Leflore, Marion, Montgomery, Pike, Smith and Walthall counties which are eligible for both Physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA. Small businesses and most private nonprofit (PNP) organizations in the following adjacent counties are eligible to apply only for SBA EIDLs: Amite, Attala, Calhoun, Carroll, Choctaw, Forrest, Holmes, Humphreys, Jasper, Jones, Lamar, Lawrence, Lee, Lincoln, Monroe, Newton, Pearl River, Prentiss, Rankin, Scott, Sharkey, Simpson, Sunflower, Tallahatchie, Tishomingo, Warren, Washington, Webster, Yalobusha and Yazoo in Mississippi, Franklin and Marion in Alabama, Chicot in Arkansas, as well as East Carroll, Tangipahoa and Washington in Louisiana.
Small 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.
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 damage, 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.