Home Bensalem Times Financial aid available for Bucks residents impacted by July 12 flooding

Financial aid available for Bucks residents impacted by July 12 flooding

Low-interest loans of up to $200,000 are available to homeowners and renters

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State Reps. Tina Davis and John Galloway announced that financial aid is available to Bucks County residents affected by the severe weather and flash flooding on July 12 and its damaging aftermath.

“In a matter of hours, Bucks County residents and businesses went from an ordinary summer day to wondering where they would sleep that night or when they could open their place of business again,” said Davis. “I’m relieved financial aid is available, but I am frustrated and disappointed the federal government could not step forward in a more meaningful way for residents to help rebuild what has been lost or damaged during this devastating storm and flash flood.”

The U.S. Small Business Administration approved financial aid for residents on Thursday following a request by Gov. Tom Wolf. The move allows residents and businesses in Bucks, Bradford, Delaware, Lehigh, Lycoming, Montgomery, Northampton, Philadelphia, Potter and Tioga counties to apply for aid.

“This important step will allow people in dire need of assistance the chance to rebuild,” said Galloway. “Homeowners and renters have been forced to relocate, and these low-interest loans will allow people and businesses the opportunity to rebuild and reopen.”

Low-interest loans of up to $200,000 are available to homeowners and renters to 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 losses. Long-term repayment options are available up to a maximum of 30 years. The SBA is opening a Disaster Loan Outreach Center in the Lower Bucks Government Services Center, 7321 New Falls Road, Levittown.

“The devastation caused by this flooding will linger in the minds of survivors for years to come,” said Wolf. “But it is our hope that these low-interest loans provide much-needed assistance in helping people get back to normal as quickly as possible.”

People and business representatives may immediately obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 or by emailing DisasterCustomerService@sba.gov.

The filing deadline to return applications for physical property damage is Sept. 27. The deadline to return economic injury disaster loan applications is April 29, 2022.

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