SBA Extends Tropical Storm Isaias Disaster Loan Application Deadline

The US Small Business Administration has announced a second extension of the April 19 application deadline for businesses of all sizes, private nonprofits, landlords and tenants to apply for a physical disaster loan to pay. damage from Tropical Storm Isaias on August 4, 2020.

Anyone in the counties declared in Pennsylvania with storm damage must apply for the Disaster Loan Program.

The extension is in response to a letter from Pennsylvania Governor Tom Wolf on March 15. The statement covers the counties of Berks and Philadelphia, and the adjacent counties of Bucks, Chester, Delaware, Lancaster, Lebanon, Lehigh, Montgomery 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.

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.

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 percent 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 (ELA) through the SBA’s secure website at
Disaster.sba.gov.

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 sba.gov/disaster. Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

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

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