Low-interest disaster loans from the U.S. Small Business Administration are available to businesses and residents in Pennsylvania following the announcement of a presidential disaster declaration due to the remnants of Hurricane Ida on Aug. 31-Sept. 5.
The disaster declaration covers Bucks, Chester, Delaware, Montgomery, Philadelphia and York counties in Pennsylvania, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans: Adams, Berks, Cumberland, Dauphin, Lancaster, Lehigh and Northampton in Pennsylvania; New Castle in Delaware; Baltimore, Carroll, Cecil and Harford in Maryland; and Burlington, Camden, Gloucester, Hunterdon, Mercer and Warren in New Jersey.
Businesses and private nonprofit organizations of any size may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. Applicants may be eligible for a loan amount increase up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements may include a sump pump, elevation, French drain or retaining wall to help protect property and occupants from future damage caused by a similar disaster.
For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Disaster loans up to $200,000 are available to homeowners to repair or replace disaster-damaged or destroyed real estate. Homeowners and renters are eligible for up to $40,000 to repair or replace disaster-damaged or destroyed personal property.