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SBA extends flood-loan deadline to May 25; official outlines loan options and in-person help
Summary
Steven Clark of the U.S. Small Business Administration told Prairie County officials the SBA extended the disaster-loan application deadline to May 25, described physical-damage and economic-injury loan programs and pointed residents and businesses to a FEMA Disaster Recovery Center at Hazard Community College for in-person assistance.
Steven Clark, public affairs specialist with the U.S. Small Business AdministrationOffice of Disaster Recovery and Resilience, told the Prairie County Fiscal Court that the SBA extended the disaster loan application deadline for the February floods from April 25 to May 25 and urged affected residents and businesses to apply promptly.
"The application deadline has been extended. So it was April 25 and it's now May 25," Clark said, adding that there is no application fee and that approved applicants have at least 60 days to decide whether to accept a loan. He said applicants need not wait for an insurance settlement to apply: "We can loan you up to the full extent of your uncompensated losses before you receive an insurance settlement," and, when insurance funds arrive, borrowers must apply them to reduce or repay the SBA loan.
Clark described two principal programs. Physical damage disaster loans are available to homeowners, renters, private nonprofits and small businesses; Clark said homeowners may be eligible for up to $500,000 for real estate damage and up to $100,000 for damaged personal property, while business and nonprofit physical-damage loans can reach up to $2,000,000 for repair, rebuilding or relocation.
The economic injury disaster loan (EIDL) program provides working capital for private nonprofits and small businesses that suffered revenue or operating interruptions even when their buildings were not physically damaged. Clark said the EIDL application deadline is Nov. 24, 2025.
Clark advised residents that FEMA is operating a Disaster Recovery Center at Hazard Community College, open Monday through Saturday from 9 a.m. to 7 p.m., where people can register for FEMA assistance and meet SBA representatives who can help file loan applications in person. He also provided his cell phone and email for follow-up and noted the Kentucky Small Business Development Center offers free business-recovery consultants who can assist with applications and technical needs.
An unidentified local lawyer who addressed the court endorsed the SBA outreach, saying he had seen lives improved after clients secured EIDL loans: "The Lord works in mysterious ways, but I know one of those ways is named the SBA," he said.
Clark emphasized that SBA funds for this disaster are appropriated and available to all eligible applicants up to their uncompensated losses, so one applicant does not prevent another from receiving assistance.
The court did not vote on any action related to the SBA briefing; Clarkprovided contact information and directed residents to the Disaster Recovery Center for in-person help.
