The U.S. Small Business Administration approved Gov. Tom Wolf’s request to declare a disaster in Berks and Philadelphia counties after Tropical Storm Isaias caused devastating flooding and significant damage in early August. Homeowners, renters and businesses impacted by the flooding in these counties, as well as the neighboring counties of Bucks, Chester, Delaware, Lancaster, Lebanon, Lehigh, Montgomery and Schuylkill, may be eligible for low-interest disaster loans through the SBA Disaster Loan Programs.
“The tropical storm did nothing but compound the stress and heartache that so many people are facing in 2020,” said Gov. Tom Wolf. “Low-interest loans will provide much-needed help so these businesses and communities can get back on their feet.”
Low-interest loans of up to $200,000 are available to homeowners and renters to repair or replace damaged or destroyed real estate, and SBA regulations also permit loans up to $40,000 to repair or replace damaged personal property, including vehicles. Businesses and nonprofits can borrow up to $2 million to restore damaged or destroyed buildings, inventory, equipment and other physical losses. Economic Injury Disaster Loans are also available and may also be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, whether or not the business sustained physical damage from the storm.
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.
Due to COVID-19 mitigation efforts, the SBA will not establish a physical Disaster Loan Outreach Center in these communities to assist applicants. However, 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.
Virtual customer support representatives will be available to assist applicants with completing the online application during the following times: Monday through Sunday, from 8 a.m. to 8 p.m. For help, email [email protected] or call 800-659-2955.
Businesses and individuals may also obtain information and loan applications by emailing [email protected].
Loan applications can also be downloaded at sba.gov/disaster. Completed 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 Feb. 16. The deadline to return economic injury disaster loan applications is Sept. 21.
