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SBA outlines disaster-loan options, deadlines for Brentwood residents and businesses
Summary
At the June 8 Brentwood commission meeting the U.S. Small Business Administration reviewed disaster-loan types, interest rates, documentation needs and deadlines, and offered local follow-up; the SBA extended the physical-damage application deadline to Aug. 10 and said EIDL applications are open until January 2027.
Tracy Gale of the U.S. Small Business Administration told the Brentwood Board of Commissioners on June 8 that multiple low-interest disaster-loan programs are available to homeowners, renters, businesses and nonprofits affected by recent storms.
Gale said physical-damage loans for individual homeowners start at 2.875%, business loans start at about 4%, and nonprofits qualify for rates near 3.625%. She described the Economic Injury Disaster Loan (EIDL) program as roughly 4% for businesses and 3.625% for nonprofits and said EIDL applications remain open through January 2027.
Why it matters: The SBA programs can provide immediate cash for property repairs, business recovery and short-term revenue needs when insurance does not cover losses. Gale said approved funds are deposited directly to applicants’ accounts, and applications that complete approval have been paid in about 10–15 business days.
Gale outlined limits and special provisions: business disaster loans can reach $2 million, homeowner physical-damage loans up to $500,000, and renter aid up to $100,000. She described a "Build Back Better" allowance that can add up to 20% to an approved loan to fund resilience improvements such as flood or wind hardening.
On the application process, Gale said mobile disaster recovery centers stopped field operations June 6 and that applicants must complete steps online. Required documents include photos of damage and, if available, insurance policies; applicants must also provide income-tax documentation. "There's no payment and no interest accrues for the first 12 months," she said, noting repayment terms can extend up to 30 years and there is no prepayment penalty.
Commissioners asked whether local banks are involved and how approvals were distributed between homes and businesses. Gale said SBA loans are distributed directly and do not require local-bank participation; she did not have the residential/commercial breakdown immediately but offered to obtain and share that data with staff. She also said SBA leadership extended the physical-damage application deadline to Aug. 10 because many applications were in process.
Gale offered to be a point of contact for constituents who encounter problems with applications and provided her contact information to the commission. "If you get a call from a constituent ... call me. I will let you know the status and follow up," she said.
Next steps: Commissioners requested a breakdown of recent loan approvals by category; Gale agreed to provide that information to staff for distribution to the commission.
