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Governor Wolf announces low-interest loans for Philadelphia and neighboring counties

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Gov. Tom Wolf said the U.S. Small Business Administration (SBA) approved his request to declare a disaster in Philadelphia after civil unrest from May 30 to June 8 caused millions of dollars in damages.
 
Homeowners, renters and businesses impacted by the unrest in Philadelphia, as well as neighboring Bucks, Delaware and Montgomery counties, may be eligible for low-interest disaster loans through the SBA Disaster Loan Programs. Potential applicants can contact SBA for information and begin the application process today Monday, Aug. 10.
 
“We’re grateful the SBA agreed that this financial assistance is vital to repair or replace property,” said Wolf. “These low-interest loans will go a long way in helping businesses to recover.”
 
Low-interest loans of up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. SBA regulations permit loans up to $40,000 to repair or replace damaged personal property, including vehicles. Businesses and nonprofits can borrow up to $2 million as a Physical Disaster Loan to restore damaged or destroyed buildings, inventory, equipment and assets. Economic Injury Disaster Loans 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.
 
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.
 
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 at https://disasterloanassistance.sba.gov/ and there are virtual customer support representatives available to assist applicants. Virtual Disaster Loan Outreach Center (VDLOC) hours are 8 a.m. to 5 p.m. Monday through Friday. Email: FOCE-Help@sba.gov. Phone numbers for individuals and businesses are: 202-803-3307 or 470-363-5936.
 
The filing deadline to return applications for physical property damage is Oct. 6. The deadline to return economic injury disaster loan applications is May 7.

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