Low Interest Loans Available For Recovery From Tropical Storm Isaias Floods
The United States Small Business Administration (SBA) approved a disaster declaration request in Berks and Philadelphia counties after Tropical Storm Isaias caused devastating flooding and extensive damage in early August.
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.
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 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 help applicants complete the online application Monday through Sunday (7 days a week), 8 a.m. to 8 p.m., closed Thursday December 24 and Friday December 25 due to statutory holidays. Send an email to [email protected] or call (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.
The filing deadline for returning property damage claims is February 16, 2021. The deadline for returning economic disaster loan claims is September 21, 2021.