Gov. Tom Wolf announced that the U.S. Small Business Administration approved his request to extend the deadline for survivors of Tropical Storm Isaias to apply for low-interest loans from SBA until March 18.
“We’re so grateful for this extension, so that we make sure that everyone who is eligible and wants to apply has the time they need to do so,” Wolf said. “SBA is standing by to provide whatever help is needed to anyone who wants to apply.”
The storm caused devastating flooding and significant damage in early August 2020. Homeowners, renters and businesses impacted by the flooding in Berks and Philadelphia 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.
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.
The 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 are available to assist applicants with completing the online application Monday through Sunday, 8 a.m. to 8 p.m. Call 800-659-2955 or email FOCE-Help@sba.gov.
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 March 18. The deadline to return economic injury disaster loan applications is Sept. 20.