Gov. Tom Wolf announced that the U.S. Small Business Administration approved his request to declare a disaster in Philadelphia after civil unrest from May 30 to June 8 caused millions of dollars in damages.
“We’re grateful the SBA agreed that this financial assistance is vital to repair or replace property,” Wolf said. “These low-interest loans will go a long way in helping businesses to recover.”
Homeowners, renters and businesses impacted by the unrest in Philadelphia, as well as neighboring Bucks, Delaware and Montgomery counties, may be eligible for low-interest disaster loans through the SBA Disaster Loan Programs. Potential applicants can contact SBA for more information to begin the application process beginning Monday, Aug. 10, at 8 a.m.
Low-interest loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. SBA regulations permit loans up to $40,000 to repair or replace damaged personal property, including vehicles. Businesses and nonprofits can borrow up to $2 million as a Physical Disaster Loan to restore damaged or destroyed buildings, inventory, equipment and assets. Economic Injury Disaster Loans may also be used to pay fixed debits, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact.
SBA offers long-term repayment options to keep payments affordable, with terms up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
In accordance with health precautions for COVID-19, the SBA will not establish a physical Disaster Loan Outreach Center in the community to assist applicants. However, SBA will continue to provide customer service and conduct outreach virtually with webinars, Skype calls, phone assistance and step-by-step application assistance.
To this end, SBA has opened a Virtual Disaster Loan Outreach Center to help survivors apply online using the Electronic Loan Application via the SBA’s secure website disasterloanassistance.sba.gov and there are virtual customer support representatives available to assist applicants with completing the online application.
The Virtual Disaster Loan Outreach Center is open Monday through Friday, starting Monday, Aug. 10, from 8 a.m. to 5 p.m. It’s closed on Saturdays and Sundays. The email addresses [email protected], and the phone numbers for individuals and businesses are 202-803-3307 or 470-363-5936.
This VDLOC information applies only to applicants affected by civil unrest in Philadelphia, Bucks, Delaware and Montgomery counties. It is not applicable for any other SBA declaration or COVID-19-related SBA assistance.
Those who want to apply for an SBA loan should contact the Customer Service Representatives at 202-803-3307 or 470-363-5936 to schedule an appointment for immediate one-on-one assistance in completing their applications. Requests for SBA disaster loan program information may be obtained by emailing [email protected]. The SBA will conduct extensive outreach to ensure that all impacted by the disaster are afforded the opportunity to seek assistance.
Applicants may also call SBA’s Customer Service Center at 800-659-2955 or email [email protected] for more information on SBA disaster assistance. Individuals who are deaf or hard-of-hearing may call 800-877-8339.
Applicants may apply online using the Electronic Loan Application via the SBA’s secure website at disasterloan.sba.gov/ela. Loan applications can also be downloaded at sba.gov/disaster. Completed paper applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The filing deadline to return applications for physical property damage is Oct. 6. The deadline to return economic injury disaster loan applications is May 7, 2021.
