Application for Extension of Approved Application Deadline for Low Interest Loans for Tropical Storm Flood Survivors Isaias
Harrisburg, Pennsylvania – Governor Tom Wolf today announced that the United States Small Business Administration (SBA) has approved its request to extend the time limit for survivors of Tropical Storm Isaias to apply for low-interest loans from the SBA until April 19, 2021.
“Another month gives us time to make sure everyone who is eligible and wants a loan has the time to apply,” Governor Wolf said. “It was a devastating storm and people and businesses are still recovering.”
The storm caused devastating flooding and extensive damage in early August 2020. Homeowners, tenants and businesses affected by the flooding in Berks and Philadelphia counties, as well as neighboring counties of Bucks, Chester, Delaware, Lancaster, Lebanon, Lehigh, Montgomery, and Schuylkill may be eligible for low interest disaster loans under the SBA’s disaster loan programs.
Low-interest loans of up to $ 200,000 are available to homeowners and tenants to repair or replace damaged or destroyed real estate, and SBA regulations also allow 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 disaster loans are also available and can also be used to pay fixed debts, salaries, accounts payable and other bills that cannot be paid due to the impact of the disaster, which the whether or not the company suffered physical damage from the storm.
The SBA offers long-term repayment options to keep payments affordable, with terms of up to 30 years. The conditions are determined on a case-by-case basis, depending on the repayment capacity of each borrower.
Due to COVID-19 mitigation efforts, the SBA has not established a physical Disaster Loan Assistance Center (DLOC) in these communities to assist applicants. However, the SBA has opened a Virtual Disaster Loan Outreach Center (VDLOC) to help survivors apply online using Electronic Loan Application (ELA) through the SBA’s secure website.
Virtual customer support representatives will be available to assist applicants with completing the online application during the following periods:
Virtual Proximity Centers for Disaster Lending (VDLOC)
Open: Monday to Sunday (7 days a week)
Hours: 8 a.m. to 8 p.m. EST
E-mail: [email protected]
Telephone: (800) 659-2955
Businesses and individuals can also obtain information and loan applications by calling the SBA Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard of hearing), or by sending an email to DisasterCustomerService @ sba .gov.
Loan applications can also be downloaded from sba.gov/disaster. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.