Pennsylvania Gov. Tom Wolf announced Thursday the approval of his request of low-interest loans for residents of Bucks, Philadelphia and Tioga counties after heavy storms caused devastating flooding and significant damage on July 12.
According to the official government website, the request was approved by the U.S. Small Business Administration (SBA). Assistance is also available to residents and businesses in neighboring Bradford, Delaware, Lehigh, Lycoming, Montgomery, Northampton and Potter counties.
“The devastation caused by this flooding will linger in the minds of survivors for years to come,” said Gov. 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.”
Low-interest loans of up to $200,000 are available to homeowners and renters to repair or replace damaged or destroyed real estate. SBA regulations also permit loans up to $40,000 to repair or replace damaged personal property, including vehicles.
Economic Injury Disaster Loans
Businesses and nonprofits can borrow up to $2 million to restore damaged or destroyed buildings, inventory, equipment and other physical losses. Economic Injury Disaster Loans are also available and may also be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact, whether or not the business sustained physical damage from the storm.
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The SBA offers long-term repayment options to keep payments affordable, with terms up to a maximum of 30 years. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
Businesses and individuals can e-mail DisasterCustomerService@sba.gov for getting information on loans applications.
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