For those affected by the Eaton Fire and other recent disasters in the Los Angeles County area, important deadlines are approaching. The Small Business Administration (SBA) and the Federal Emergency Management Agency (FEMA) have set March 31, 2025, as the final day to apply for disaster relief assistance. If you are considering financial assistance for recovery, it is critical to act before the deadline. Even if you are unsure whether you will need the funds, applying now preserves your eligibility, as you will not be able to apply after the deadline passes.
SBA Disaster Loans: Financial Support for Homeowners, Renters, and Businesses
The SBA is offering disaster relief loans to individuals, businesses, and nonprofits impacted by the wildfires and straight-line winds in Los Angeles County, California area as of January 7, 2025.
- Homeowners may apply for up to $500,000 to repair or replace their primary residence.
- Renters and homeowners may apply for up to $100,000 to replace personal property, including clothing, furniture, appliances, and vehicles.
- Funds cannot be used for luxury upgrades but may be increased by up to 20% for improvements that reduce future disaster risk.
These funds cannot be used for expansion, but they can be used to repair or replace disaster-damaged property, including real estate, inventory, equipment, and supplies. For businesses and nonprofits, the SBA offers up to $2 million for these recovery efforts. In addition to these funds, businesses and homeowners may be eligible for a loan increase of up to 20% above the verified disaster damage if the funds are used for improvements that reduce future disaster risks. Additionally, Economic Injury Disaster Loans (EIDLs) are available for small businesses and nonprofits that have suffered financial losses due to the disaster, providing working capital to cover rent, utilities, and fixed debt payments.
To make recovery more accessible, SBA offers favorable loan terms:
- First payment deferred for 12 months
- No interest accrual for the first 12 months
- Interest rates capped at 4% for those unable to obtain credit elsewhere
- Repayment terms of up to 30 years
- No pre-payment penalties
- Will not decline an application solely due to a lack of collateral
Applying for an SBA loan does not obligate you to accept it if approved but waiting until after the deadline will eliminate your eligibility. A contractor’s quote is not required to apply. Those interested should begin the process as soon as possible by visiting the MySBA Loan Portal.
Review the U.S. Small Business Administration Fact Sheet for Disaster Loans
FEMA Disaster Assistance: Housing, Repairs, and Property Replacement
In addition to SBA loans, FEMA provides disaster assistance for homeowners and renters in need of repairs, temporary housing, or property replacement. This assistance covers a range of needs, including essential home repairs, rental assistance, and other disaster-related expenses. Los Angeles County area residents impacted by the fires and other disasters as of January 2025 must apply before the March 31, 2025 deadline to be considered for support.
Applicants can complete the FEMA disaster assistance application online at https://www.disasterassistance.gov/. For those who need in-person assistance with their applications, FEMA’s Disaster Recovery Center is available at 540 W. Woodbury Rd., Altadena, CA 91001, open Monday through Saturday from 9 a.m. to 7 p.m.
If you or someone you know has been affected, applying now is the best way to secure financial resources for recovery. Even if insurance or other aid is available, these programs can provide additional support for expenses not fully covered. For more information, visit the SBA and FEMA websites, stop by your local FEMA Disaster Recovery Center, or sign up for the Singleton Schreiber Eaton Fire Virtual Town Hall this upcoming Wednesday, March 12th at 6:00pm PST.
Don't navigate this difficult time alone—contact Singleton Schreiber to learn how we may be able to help.