Alaska disaster loan window remains open for Typhoon Halong damage claims

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Alaska disaster loans Typhoon Halong

Highlights

Businesses and nonprofits in disaster-declared Alaska areas may apply for up to $2 million in physical disaster loans, with a June 15 application deadline plus 60-day grace period.
Homeowners can borrow up to $500,000 for primary residences and up to $100,000 for personal property, with potential 20% increases for disaster mitigation work.
SBA Economic Injury Disaster Loans offer interest rates as low as 4% for businesses, 3.625% for nonprofits, and 3% for individuals, with repayment terms up to 30 years and a Jan. 15, 2027 economic injury application deadline.

Loan terms and application deadlines

As reported by the U.S. Small Business Administration, businesses and nonprofits in the declared area can apply for business physical disaster loans of up to $2 million to repair or replace damaged real estate, machinery, equipment, inventory and other business assets.

Homeowners can borrow up to $500,000 to repair or replace a primary residence, while homeowners and renters can seek up to $100,000 for personal property losses, including clothing, furniture, vehicles and appliances. Applicants may also qualify for an increase of up to 20% of verified physical damage for mitigation work such as insulating pipes, weather stripping doors and windows, and installing storm windows.

The filing deadline for physical damage applications is June 15, with a further 60-day grace period for submissions after that date. The deadline for economic injury applications is Jan. 15, 2027.

Support for rural recovery in Alaska

Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA, says the rural declaration is intended to help affected communities recover by extending financial assistance to homeowners, renters, businesses and private nonprofits.

The SBA's Economic Injury Disaster Loan program is also available to eligible small businesses, small agricultural cooperatives and private nonprofit organizations, including faith-based groups, that face disaster-related financial losses. Loan amounts can reach $2 million, with interest rates as low as 4% for businesses, 3.625% for private nonprofits and 3% for homeowners and renters, with terms of up to 30 years.

Interest does not begin to accrue and monthly payments are not due until 12 months after the initial disbursement. The SBA says loan eligibility, amounts and repayment terms are determined according to each applicant's financial condition.

Our earlier article on the House’s FY27 defense and veterans funding debate highlighted lawmakers’ push to strengthen the military’s organic industrial base through a proposed $1.5 trillion national defense budget, with major allocations for manufacturing, critical minerals, and supply-chain security. It also noted congressional scrutiny of the Army’s modernization plans and the use of acquisition reforms aimed at speeding delivery of new capabilities and rebuilding depleted munitions capacity.

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