Small Business Administration approves loan requests for tropical storm relief

The Wolf Administration announced on Saturday that the U.S. Small Business Administration had granted the governor’s request for disaster loans after August flooding hit several Pennsylvania counties.

Homeowners, renters and businesses impacted by the flooding in Berks and Philadelphia counties, as well as the neighboring counties of Bucks, Chester, Delaware, Lancaster, Lebanon, Lehigh, Montgomery, and Schuylkill may be eligible for low-interest disaster loans through the SBA Disaster Loan Programs.

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Low-interest loans of up to $200,000 are available to homeowners and renters to repair or replace damaged or destroyed real estate, and SBA regulations also permit loans up to $40,000 to repair or replace damaged personal property, including vehicles. 

Businesses and nonprofits can borrow up to $2 million to restore damaged or destroyed buildings, inventory, equipment and other physical losses. Economic Injury Disaster Loans are also available and 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, whether or not the business sustained physical damage from the storm.

“This tropical storm did nothing but compound the stress and heartache that so many people are facing in 2020,” said Governor Wolf. “Low-interest loans will provide much-needed help so these businesses and communities can get back on their feet.”

More information on the Small Business Administration’s disaster relief programs can be found here.