Governor Wolf Announces Low Interest Loans for Tropical Storm Isaias Flood Survivors
Governor Tom Wolf today announced that the U.S. Small Business Administration (SBA) has approved its request to declare a disaster in Berks and Philadelphia counties after Tropical Storm Isaias caused devastating flooding and flooding. significant damage in early August.
“This tropical storm has only added to the stress and heartache that so many people face in 2020,” Governor Wolf said. “Low interest loans will provide much needed help for these businesses and communities to get back on their feet. “
Homeowners, tenants, and businesses affected by 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 case loans. Low Interest Disaster Loan Programs through the SBA.
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.
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 will not be establishing a Disaster Loan Proximity 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. Eastern Time
Closed: Thursday December 24 and Friday December 25 due to public holidays
Email: [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.
The filing deadline for returning property damage claims is February 16, 2021. The deadline for returning economic disaster loan claims is September 21, 2021.