09 Sep 2026
If your home or business was affected by the severe storms and flooding that began August 11, there is another recovery option worth knowing about. The SBA is accepting applications for disaster loans following the August 25 federal disaster declaration.
For businesses in the primary disaster counties, Physical Disaster Loans of up to $2 million can be used to repair or replace damaged real estate, equipment, inventory, and other business property.
Small businesses may also qualify for an Economic Injury Disaster Loan, or EIDL, of up to $2 million. This is working capital that can help cover payroll, fixed debts, accounts payable, and other bills the business cannot pay because of the disaster. Your business does not have to have physical flood damage to qualify for an EIDL.
Homeowners can apply for up to $500,000 for damage to a primary residence. Homeowners and renters may also qualify for up to $100,000 for damaged personal property, including vehicles, furniture, and appliances.
Current rates are as low as 4% for businesses, 3.625% for nonprofits, and 3% for homeowners and renters. Terms can be as long as 30 years. Interest does not begin to accrue and payments are not due until 12 months after the first loan disbursement.
The deadline for physical damage applications is October 25, 2026. The economic injury deadline is May 25, 2027.
The map below shows the counties covered by the declaration. Primary counties qualify for physical damage and economic injury loans. Certain surrounding counties qualify for economic injury loans only.
Applications are available at SBA.gov/disaster. The SBA also has in-person locations in Anderson, Muncie, and Gary for anyone who wants help with the application.
One important distinction: this is an SBA loan program, so amounts, terms, and eligibility are determined by the SBA based on each applicant’s situation.