Governor Wolf announces low-interest federal loans available for those affected by the remnants of Hurricane Ida
The United States Small Business Administration (SBA) has made financial assistance available to survivors.
PENNSYLVANIA, USA — Editor’s Note: The video above is from September 2.
The Wolf administration reminds residents affected by the remnants of Hurricane Ida last month that financial assistance is available.
You can read the full press release from the governor’s office below:
Governor Tom Wolf reminds Pennsylvanians affected by the remnants of Hurricane Ida which caused extensive damage (August 31 – September 5), that the United States Small Business Administration (SBA) has made financial assistance available survivors.
“Individuals and businesses are still recovering from the devastating storm damage caused by Ida, but additional help is now available through the SBA,” Governor Wolf said. “I am grateful that the SBA is providing much-needed help, and I urge affected Pennsylvanians to make informed choices as they begin their journey to recovery.”
Residents and businesses of Bedford, Bucks, Chester, Delaware, Montgomery, Northampton, Philadelphia and York counties are eligible for physical disaster loans. Additionally, economic disaster loans are available in Adams, Berks, Blair, Cambria, Carbon, Cumberland, Dauphin, Fulton, Huntingdon, Lancaster, Lehigh, Monroe, and Somerset counties.
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 of up to $40,000 for 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, payroll, accounts payable and other bills that cannot be paid due to the impact of the disaster, which the business whether or not suffered physical damage from the storm.
The SBA offers long-term repayment options to keep payments affordable, with terms up to a maximum of 30 years. The conditions are determined on a case-by-case basis, depending on the repayment capacity of each borrower.
“I encourage survivors to take advantage of the option to apply for additional loan funds for mitigation (protective enhancements) to prevent similar damage from occurring in the future,” said Randy Padfield, director of the Pennsylvania Emergency Management Agency (PEMA). “SBA disaster loans can be increased up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation upgrades may include a safe room or storm shelter, sump pump, French drain, retaining wall, or elevation.
Businesses and residents do not need to wait for insurance settlements to apply for disaster loans and can immediately 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 emailing [email protected]
Applicants can also apply online using the Electronic Loan Application (ELA) via SBA secure site or visit one of SBA’s disaster recovery centers. Alternatively, loan applications can be uploaded to sba.gov/disaster and completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
The SBA has created a number of fact sheets to help applicants understand the SBA loan process:
The filing deadline for returning property damage claims is November 9, 2021. The deadline for returning economic disaster loan claims is June 10, 2022.