HARRISBURG, Pa. (WHTM) — On Thursday, Governor Tom Wolf announced the U.S. Small Business Administration approved his request to give Tropical Storm Isaias survivors an extension to apply for low-interest loans from the SBA.
Since the SBA approved Gov. Wolf’s request, the application deadline has been extended to March 18, 2021.
“We’re so grateful for this extension so that we make sure that everyone who is eligible and wants to apply has the time they need to do so,” said Governor Wolf. “SBA is standing by to provide whatever help is needed to anyone who wants to apply.”
Tropical Storm Isaias caused significant flooding and damage in August 2020, impacting homeowners, renters and business owners throughout Pennsylvania, and specifically in Midstate counties like Lancaster and Lebanon.
According to the SBA, eligible individuals may apply for low-interest disaster loans through the association’s Disaster Loan Programs.
The program provides low-interest loans of up to $200,000 to homeowners and renters to repair damaged real estate, up to $400,000 to repair or replace damaged personal property, up to $2-million for business owners to repair damaged buildings and inventory, and much more.
Additionally, the SBA provides Economic Injury Disaster Loans to aid business owners in paying debts, payroll and other bills that are unable to be paid because of the storm’s impact.
According to a statement released by the Governor’s Office, SBA offers repayment plans so eligible individuals are able to afford the loans. While repayment plans are determined on a case-by-case basis, the long-term repayment options offer terms up to a maximum of 30 years.
Due to the ongoing coronavirus pandemic and mitigation efforts, the SBA is not establishing a physical Disaster Loan Outreach Center in communities affected by flooding. Instead, the association is offering a virtual outreach center to help survivors apply online using the Electronic Loan Application.
The Virtual Disaster Loan Outreach Centers have customer support representatives available seven days a week from 8 a.m. to 8 p.m. via phone at 800-659-2955 or email at FOCE-Help@sba.gov.