SBA Extends Deadline to Request Compensation for Storm Damage in Pennsylvania | Pennsylvania News


ATLANTA – The US Small Business Administration has extended the deadline for some Pennsylvania residents to apply for a loan to pay for damage from Tropical Storm Isaias on August 4, 2020.

The SBA said it extended until April 19 the deadline for businesses, private nonprofits, landlords and tenants to apply for a physical disaster loan to pay for damage caused by the storm.

Anyone in the declared counties of Pennsylvania with storm damage can apply for the Disaster Loan Program. The statement covers Berks, Bucks, Chester, Delaware, Lancaster, Lebanon, Lehigh, Montgomery, Philadelphia and Schuylkill in Pennsylvania; and Burlington, Camden and Gloucester in New Jersey.

Businesses and nonprofits can borrow up to $ 2 million to repair or replace real estate, machinery and equipment, inventory and other business assets damaged or destroyed by a disaster.

For small businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations, the SBA offers economic disaster loans to help meet the working capital needs caused. by disaster. Economic disaster loan assistance is available whether or not the business has suffered property damage, the SBA said.

Disaster loans up to $ 200,000 are available to homeowners to repair or replace real estate damaged or destroyed by a disaster. Homeowners and tenants are eligible for loans of up to $ 40,000 to repair or replace personal property damaged or destroyed by a disaster.

The SBA has said interest rates are as low as 3% for businesses, 2.75% for nonprofits and 1.188% for landlords and tenants, with terms of up to 30 years. . The amounts and terms of the loan are set by the SBA and are based on the financial status of each applicant.

Applicants may be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Qualifying mitigation upgrades may include a safe room or storm shelter, sump pump, French drain, or retaining wall to help protect the property and occupants from future damage from a similar disaster.

Applicants can apply online using the electronic loan application through the SBA’s secure website.

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 the Small Business Administration website.

Completed applications can be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The new filing deadline for submitting property damage claims is April 19. The deadline for returning claims for economic damages is September 20, 2021.

Leave A Reply

Your email address will not be published.