SBA Extends Deadline To Request Low-Interest Loans For Survivors Of Flooding From Tropical Storm Isaias

On March 17, Gov. Tom Wolf announced the U.S. Small Business Administration (SBA) approved his request to extend the deadline for survivors of Tropical Storm Isaias to apply for low-interest loans from SBA until April 19, 2021.

“Another month gives us time to make sure that everyone who is eligible and wants a loan has the time they need to apply,” said Gov. Wolf. “This was a devastating storm and people and businesses are still recovering.”

The storm caused devastating flooding and significant damage in early August 2020. 

Homeowners, renters and businesses impacted by the flooding in Berks and Philadelphia counties, as well as the neighboring counties of Bucks, Chester, Delaware, Lancaster, Lebanon, Lehigh, Montgomery, and Schuylkill may be eligible for low-interest disaster loans through the SBA Disaster Loan Programs.

Low-interest loans of up to $200,000 are available to homeowners and renters to repair or replace damaged or destroyed real estate, and SBA regulations also permit 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 Injury Disaster Loans are also available and may also be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact, whether or not the business sustained physical damage from the storm.

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.

Loan Assistance

Due to COVID-19 mitigation efforts, the SBA has not established a physical Disaster Loan Outreach Center (DLOC) in these communities to assist applicants. However, SBA has opened a Virtual Disaster Loan Outreach Center (VDLOC) to help survivors apply online using the Electronic Loan Application (ELA) via the SBA’s secure website.

Virtual customer support representatives will be available to assist applicants with completing the online application during the following times:

Virtual Disaster Loan Outreach Centers (VDLOCs)

Open: Monday – Sunday (7 days per week)

Hours: 8 a.m. – 8 p.m. EST

Email: FOCE-Help@sba.gov 

Phone: (800) 659-2955

Businesses and individuals may also obtain information and loan applications by calling the SBA’s Customer Service Center at 1-800-659-2955 (1-800-877-8339 for the deaf and hard-of-hearing), or by emailing DisasterCustomerService@sba.gov.

Loan applications can also be downloaded at sba.gov/disaster. Completed applications should be mailed to: U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The filing deadline to return applications for physical property damage is April 19, 2021. The deadline to return economic injury disaster loan applications is Sept. 20, 2021.

[Posted: March 17, 2021]  PA Environment Digest