Works-in-progress are allowed. You should post the beginning of the fanwork before the deadline if you want to receive a stamp for your fanwork. Then, you can have as long as you need to update and finish it.
We do not generally grant extensions. One exception is if you are using a challenge prompt to create a fanwork for a non-SWG event or swap where the reveal date is after the challenge deadline. In this case, let the moderators know your plans, then contact us again when you've posted to the archive.
In extenuating circumstances—such as severe illness, death in the family, natural disaster, etc—we have granted extensions on a case-by-case basis.
However, our January challenge is always an amnesty challenge, when you can post fanworks for any of the previous year's challenges and receive stamps for those challenges. This built-in extension is available to everyone.
Finally, keep in mind that deadlines are only for fanworks to receive stamps. Our challenges never close otherwise, and you're welcome to use any past challenge to inspire your fanworks.