SBA Declares Disaster for Texas Tornado Damage Relief
Published Date: 1/23/2025
Notice
Summary
Texas got hit hard by storms, tornadoes, and strong winds starting December 28, 2024, and the government just declared it a disaster on January 16, 2025. This means people and businesses in Brazoria, Montgomery, and nearby counties can apply for low-interest disaster loans to help fix damage or cover lost income. You’ve got until March 17, 2025, to apply for physical damage loans and until October 16, 2025, for economic injury loans—so don’t wait!
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
SBA Disaster Loans Available in Texas
If you live or operate a business in the declared areas of Texas (primary: Brazoria and Montgomery; contiguous: Fort Bend, Galveston, Grimes, Harris, Liberty, Matagorda, San Jacinto, Walker, Waller, Wharton), you can apply for SBA disaster loans for damage or lost income. Apply online at the MySBA Loan Portal (https://lending.sba.gov); the deadline to apply for physical damage loans is March 17, 2025, and the deadline for Economic Injury Disaster Loans (EIDL) is October 16, 2025.
Specified Interest Rates for Disaster Loans
The notice sets loan interest rates for disaster loans: physical damage loans — homeowners with credit available elsewhere 5.125%, homeowners without credit available elsewhere 2.563%, businesses with credit available elsewhere 8.000%, businesses without credit available elsewhere 4.000%, and non-profit organizations 3.625%. For economic injury (EIDL) loans, businesses and small agricultural cooperatives without credit available elsewhere are 4.000% and non-profits without credit available elsewhere are 3.625%.
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Key Dates
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