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TAMPA, Fla. (WFLA) — Like FEMA, the deadline to apply for aid from the SBA disaster loan has been extended, the U.S. Small Business Administration announced Monday.

For those affected by either Hurricane Helene or Milton, the SBA disaster loan deadline is now Jan. 7, 2025.

The administration said it has been receiving the same question over and over from community meetings: “Can SBA loans be used to help me elevate my home?”

The answer is yes, disaster loans can be used, but only for code-required upgrades for those whose homes are being affected by the 50 Percent Rule.

What is the 50 Percent Rule?

The 50 percent rule states that any combination of repair, reconstruction, rehabilitation, addition, or other improvement to a building with a cost over 50 percent of its market value is considered “substantial damage.”

That means if your home repairs meet this threshold following the hurricanes that impacted Florida this year, you can use an SBA disaster loan to elevate your home, bringing the home above the base flood elevation.

Borrowers can also add 20 percent of their verified loss amount for mitigation, which can also be used for elevation.

For those will more questions, the administration said residents can come into any FEMA Disaster Recovery Center or SBA center for help with disaster loans.

A list of SBA centers in Florida can be found on the SBA website.