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 April 19.
“Another month gives us time to make sure that everyone who is eligible and wants a loan has the time they need to apply,” said Wolf. “This was a devastating storm and people and businesses are still recovering.”
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.
SBA has opened a Virtual Disaster Loan Outreach Center to help survivors apply online using the Electronic Loan Application, available here. 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. Email FOCE-Help@sba.gov or call 800-659-2955. Email DisasterCustomerService@sba.gov for additional help.
Loan applications can also be downloaded at sba.gov/disaster and 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 April 19. The deadline to return economic injury disaster loan applications is Sept. 20.
